Job gains power stocks higher
NEW YORK — U.S. stocks closed at record levels again after a solid jobs report reassured investors that the economy was on solid footing despite President Donald Trump's trade war.
Technology and industrial companies rose the most Friday.
The S&P 500 closed at a record high for the third time this week and had its fourth straight weekly gain. The Nasdaq reached an all-time high for the first time since July.
Safe-play sectors like utilities lagged as investors stepped up their appetite for risk.
Parent of Google is buying Fitbit
SAN FRANCISCO — Fitbit is being acquired by Google's parent company for about $2.1 billion.
With the deal announced Friday, Alphabet Inc. wades into a very crowded field. Fitbit is a pioneer in wearable fitness technology, but it's been under pressure from other device makers.
Speculation swirled at the beginning of the week that a deal might be imminent. Premarket trading of shares of San Francisco-based Fitbit Inc. were briefly halted before the acquisition was announced.
The deal is expected to close next year if approved by regulators and Fitbit shareholders.
Tiny cracks ground 3 Boeing 737s
CANBERRA, Australia — Australian airline Qantas Airways says it has grounded three of its Boeing 737s over hairline cracks found in wing structures but expected to have them flying again this year.
The airline has been inspecting its aircraft following calls this month from the U.S. Federal Aviation Administration for all airlines to check Boeing 737 NG planes that had completed more than 30,000 takeoff and landing cycles for cracking in a part that helps keep wings attached. These are different than the 737 MAX jets, which were grounded worldwide earlier this year.
Qantas Domestic and Freight Chief Executive Andrew David said on Friday the airline has examined in a week all 33 jets of the fleet of 75 that had completed more than 22,600 cycles.
David says the airline will "have to make some minor schedule changes" while the aircraft were repaired.
Oil glut hurts Exxon's profit
IRVING, Texas — Exxon Mobil's profit tumbled with crude prices down about 15 percent from where they were last year, though a $300 million boost from a tax-related item helped.
Exxon Mobil Corp. on Friday reported net income of $3.17 billion, or 75 cents per share. Those per-share earnings were 68 cents if one-time benefits are removed, topping expectations by 4 cents. But it's about half of last year's $6.24 billion, or $1.46 per share.
Revenue was $65.05 billion, down 15 percent.
Oil production rose 3 percent from a year earlier, to 3.9 million barrels per day. Excluding entitlement effects and divestments, liquids production increased 4 percent, driven by Permian Basin growth. Natural gas volumes climbed 1 percent.
Union targets Delta flight attendants
ATLANTA — A major union will try again to win the right to represent flight attendants at mostly non-union Delta Air Lines.
The Association of Flight Attendants announced Friday it will try to organize 25,000 workers at Delta. The union narrowly lost a 2010 election at Delta after failed organizing bids in 2002 and 2008.
Among the largest U.S. airlines, only Delta has non-union flight attendants. MIT researchers say Delta cabin crews earn less than counterparts at the other three biggest airlines, and Delta's non-cockpit employees get less in pensions and benefits.
Delta pilots are represented by a union, but the Atlanta-based carrier has a far lower percentage of union workers than American, United or Southwest. The machinists' union is trying to organize Delta mechanics.
Delta is the most profitable U.S. airline.
More spent on building projects
WASHINGTON — U.S. construction spending rose 0.5 percent in September, boosted by government and private residential projects.
Private residential construction spending increased 0.6 percent, the third straight month of gains following declines in April, May and June. Spending on single family home construction rose 1.3 percent, more than enough to offset the 0.7 perent drop in apartments and multi-family home building.
September's overall construction spending was higher than forecast.
Barneys NY gets a new owner
NEW YORK — Barneys New York, the iconic luxury chain, has been sold to fashion licensing company Authentic Brands for $271.4 million.
The sale followed approval by a bankruptcy court judge on Thursday. The judge left room for another bidder to come forward, but that never materialized.
Authentic Brands says it's working with Saks Fifth Avenue on a licensing deal. It plans to reboot Barneys New York on Saks' fifth floor. Saks will launch Barneys shops in various stores in key markets in the U.S. and Canada. Barneys New York crown jewel — its flagship on Manhattan's Madison Avenue— will turn into a pop-up store. It's likely that most of the other Barneys stores will close.
Barneys New York filed for bankruptcy protection in August.