Stocks Ended at Records on Tax Cut Hopes

U.S. stocks rose on Friday to close at record levels after the Senate adopted a federal budget for next year, a key step on the road to tax cuts. The Dow Jones Industrial Average rose 165.59 points, or 0.71%, to 23,328.63 and was up 2.0% for the week . The S&P 500 gained 13.11 points, or 0.51 %, to 2,575.21 and gained 0.9% for the week. The Nasdaq Composite added 23.99 points, or 0.36%, to 6,629.05, adding 0.4% on the week.

Oil edged higher Friday, with U.S. prices settling nearly unchanged for the week as traders mulled OPEC efforts to reach a more balanced market and fretted over the potential for more U.S. shale production. December WTI added 33 cents, or 0.6%, to end at $51.84 a barrel.Brent for December settled 52 cents higher, or 0.9%, at $57.75 a barrel.