Markets overcome tech weakness to bring stocks up

U.S. stocks climbed in afternoon trading, with Warren Buffett’s Berkshire Hathaway Inc. powering gains in the S&P 500 Index. Treasury yields edged lower.

The U.S. conglomerate rose the most since July after the world’s most famous stock-picker revealed he’d been buying back his firm’s own shares. Investors were also hunting bargains after last month’s downtown and weighing the outlook for Tuesday’s midterm elections. Financial and energy shares climbed, while Apple slumped on a report it wouldn’t boost iPhone production. Facebook and Amazon also sank. Oil fell for a sixth straight day.

The S&P 500 rose 15 points, or 0.6 percent to 2,738.

The Dow Jones Industrial Average climbed 190 points, or 0.8 percent, to 25,461. The Nasdaq composite lost 28 points, or 0.4 percent, to 7,328.

Tech’s underperformance continued a trend seen in the past few weeks, with the S&P 500 Index down less than 6 percent since the end of August, compared with drop of almost 10 percent for the Nasdaq 100. For the full year, tech indexes are still faring better.

Politics and central banks loom large in a busy week for global markets. U.S. congressional elections, seen as a referendum on the policies of President Donald Trump, take place Tuesday. Investors also are on alert for any trade developments after White House economic adviser Larry Kudlow last week downplayed the potential for a quick deal between the U.S. and China. Up ahead is the Federal Reserve policy meeting Thursday, when officials are expected to keep the benchmark rate unchanged but give clues for moves into 2019.