U.S. stocks seesaw up
NEW YORK, Nov. 16 (UPI) -- U.S. stock indexes, winding up the week in a volatile, seesaw trading session, finished on the plus side Friday.
The Dow Jones industrial average picked up 66.74 points, or 0.57 percent, to close at 13,176.79. The Nasdaq composite was up 18.73, or 0.72 percent, at 2,367.24. The Standard & Poor's 500 Index was up 7.59 points, or 0.52 percent, at 1,458.74.
The volume on the New York stock exchange was almost 1.8 billion shares traded with 1,801 declining and 1,460 advancing.
The dollar was mixed. The euro traded at $1.4654 from $1.4619 late Thursday, while the dollar traded at 110.91 yen from 110.35 yen.
Bonds slipped. The benchmark 10-year note lost 7/32 to yield 4.169 percent Friday.
Oil closes strongly at $95.10
NEW YORK, Nov. 16 (UPI) -- Crude oil futures closed with strong gains Friday, rebounding from their decline the previous session.
With futures for December delivery coming to an end, oil gained $1.57 to reach $95.10 a barrel at the New York Mercantile Exchange.
Deutsche Bank meanwhile lifted its oil price forecasts Friday as it upgraded several oil producers. The bank now predicts crude futures will average $80 a barrel in 2008.
OPEC heads of state are meeting in Riyadh, Abu Dhabi, on Saturday and Sunday.
Heating oil closed up 2.48 cents at $2.5871 a gallon. Reformulated gas was up 3.92 cents at $2.3754 a gallon. Natural gas climbed 30.10 cents to close at $8.001 per million British thermal units.
The average U.S. price of a gallon of regular unleaded gasoline at the pump was $3.109, a fraction lower than Thursday's $3.112, the AAA said.
Fed governor sees no more rate cuts now
NEW YORK, 16 (UPI) -- Federal Reserve Gov. Randall Kroszner indicated Friday the Fed is not leaning toward another U.S. interest rate cut despite an expected economic "rough patch."
In remarks prepared for a speech at the Institute of International Finance in New York. Kroszner suggested no rate hike is anticipated despite the 1-2 punch of a credit crunch and housing slump, the Wall Street Journal said.
"The current stance of monetary policy should help the economy get through the rough patch during the next year, with growth then likely to return to its longer-run sustainable rate," Kroszner said.
The Federal Open Market Committee lowered the federal funds rate by an aggressive 50 basis points in September and another 25 basis points last month.
Abu Dhabi buys AMD stake for $622 million
NEW YORK, Nov. 16 (UPI) -- An investment arm of the Abu Dhabi government has bought an 8.1 percent stake in Advanced Micro Devices for $622 million.
The deal for a share of the struggling computer chip maker was the latest U.S. transaction by the oil-rich Middle East nation through recent investments in high-tech sectors, the Wall Street Journal said Friday.
Abu Dhabi's strategic investment arm, Mubadala Development Co., will receive 49 million shares of AMD at the Nov. 15 closing price of $12.70 a share.
