U.S. equities were higher to close the week. The S&P 500 closed at a record high as did the Dow after climbing by more than 100 points. The Nasdaq also closed in the green.
Shares of Caterpillar Inc. (CAT) - Get Caterpillar Inc. Report were slightly higher despite admitting in court documents that one of its heavy machinery units cheated customers by performing unnecessary repairs to their railcars. The unit pleaded guilty to dumping brake shoes and other parts into the ocean to hide evidence and will pay a $5 million criminal fine as well as $20 million in restitution.
Oil prices were higher as Baker Hughes (BHGE) - Get Baker Hughes, a GE Company Class A Report reported a small increase in the number of active drilling rigs. Two oil rigs were brought online for a total of 751. Gas rigs, meanwhile, remained unchanged at 180.