, May 18 (UPI) -- Dow sets another record, S&P comes close
NEW YORK, May 18 (UPI) -- The Dow Jones industrial average set an record and the Standard & Poor's 500 hit a 6 1/2-year high on a bristling day at the U.S. stock markets Friday.
The impetus for the thriving market came from several factors, including another round of major blue-chip deals and stock-option activity.
The Dow Jones industrial average up 79.81 points, or 0.59 percent, to close at a record 13,556.53.
The S&P 500 came close to a record when it gained 10 points, or 0.66 percent, to reach 1,522.75. The Nasdaq composite gained 19.07 points, or 0.75 percent, and is at 2,558,45.
The volume on the New York Stock Exchange was 1.64 billion shares with 2,063 stocks gaining and 1,226 declining.
Bonds fell, the dollar declined.
Crude has short climb, gas another record
NEW YORK, May 18 (UPI) -- Crude-oil futures closed slightly higher Friday after posting a hefty gain for the week.
Crude rose 8 cents on the New York Mercantile Exchange to close at $64.94 a barrel and a $2.57 hike for the week. For the year, crude was up 6.4 percent.
Gas at the pump, meanwhile, reached $3.129 a gallon for regular unleaded, only a small increase but its second record high in two days.
Other energy prices declined.
Northwest cleared to leave bankruptcy
NEW YORK, May 18 (UPI) -- Northwest Airlines cleared its final major legal bankruptcy hurdle Friday when a U.S. bankruptcy judge approved its recovery plan.
"By all indications the reorganization of Northwest has been a resounding success," U.S. Bankruptcy Judge Allan Gropper said at the conclusion of a two-day hearing in New York.
The decision put Northwest only a few weeks from leaving bankruptcy protection, the Detroit Free Press said. The carrier entered Chapter 11 protection on Sept. 14, 2005.
During the final hearing, Northwest had to defend the stock compensation plan for its 400 top executives against union objections.
Microsoft to buy online ad company
NEW YORK, May 18 (UPI) -- Microsoft Friday said it would buy the online advertising company aQuantive of Seattle in a deal worth about $6 billion or $66.50 a share.
The all-cash transaction, Microsoft's largest acquisition ever, represents an 85 percent premium over aQuantive's Thursday stock price of $35.87, The New York Times said.
It was seen as reflective of the importance Microsoft puts on becoming a major player in a rapidly growing market.
Microsoft has struggled to compete in online advertising, especially against Google, the leader in the field.
Google recently bought DoubleClick, which Microsoft also tried to buy, for $3.1 billion.
Federated changes name to Macy's
CINCINNATI, May 18 (UPI) -- Federated Department Stores announced shareholder approval Friday to change the corporate name to Macy's, Inc., effective June 1.
Terry J. Lundgren, Federated chairman, president and chief executive officer, said the change focuses "on growing the Macy's and Bloomingdale's brands" and increasing awareness of Macy's, which represents about 90 percent of the corporation revenue.
The change in corporate name won't affect the validity or transferability of any existing stock certificates that bear the Federated name.
