Stocks close higher after drifting

The US stock market has ended slightly higher after drifting between small losses and gains for most of the day.

Traders Timothy Pastina and Gregory Rowe work on the floor of the New York Stock Exchange
Traders Timothy Pastina and Gregory Rowe work on the floor of the New York Stock Exchange

The Dow Jones industrial average rose 44 points, or 0.3%, to close at 16,491 Friday.

The Standard & Poor's 500 index gained seven points, or 0.4%, to end at 1,877. The Nasdaq composite index rose 21 points, or 0.5%, to 4,090.

Telecommunication stocks rose the most of the 10 sectors in the S&P 500 index. Verizon climbed 1.11 dollars, or 2.3%, to 49.07 dollars after Warren Buffett's Berkshire Hathaway revealed it had a new investment in the company.

Bond prices fell, pushing up the yield on the Treasury's 10-year note to 2.52%.