Stocks Ended Mixed, Dow Up 110

U.S. stocks closed mixed on Friday as biotech stocks plunged. The Dow Jones Industrial Average rose 113.35 points, or 0.70%, to 16,314.67 and declined 0.4% over the week. The S&P 500 was down 0.90 point, or 0.05%, to 1,931.34 and booked a 1.4% weekly loss. The Nasdaq Composite fell 47.98 points, or 1.01%, to 4,686.50 and posted a 2.9% weekly loss.

Volkswagen confirmed on Friday that its Porsche brand chief, Matthias Mueller, will become the next CEO of the automaker. Expunging corruption, handling investigations and fixing cars while ensuring Volkswagen’s survival will present a vexing challenge for Mueller, who has spent nearly four decades with the German automaker.

The Asian Development Bank said Friday it would double its annual financing for climate-change mitigation and adaptation projects to $6 billion by 2020, a move that is in step with a global push to reduce greenhouse-gas emissions.

Oil prices rose for the second straight day on Friday. Crude futures posted stronger gains for the week. Brent, the global benchmark for oil, settled up 43 cents, or 0.9 percent, at $48.60 a barrel.