Stocks finish higher for 3rd day

U.S. stocks finished broadly higher for the third day in a row Monday. Media, retail and technology companies rose, and Warren Buffett’s Berkshire Hathaway led gains for the financial sector.

Company profits have rocketed higher this year thanks to the corporate tax cut and continued economic growth. But in the first quarter investors didn’t always react to that growth because they were worried about the U.S.’s numerous trade disputes.

The S&P 500 index rose 10.05 points, or 0.4 percent, to 2,850.40, its highest close since Jan. 29. The benchmark index has risen for five weeks in a row, its longest winning streak in 2018.

The Dow Jones Industrial Average gained 39.60 points, or 0.2 percent, to 25,502.18. The Nasdaq composite added 47.66 points, or 0.6 percent, to 7,859.68. The Russell 2000 index of smaller-company stocks picked up 10.94 points, or 0.7 percent, to 1,684.31.

Turnover at Hearst Magazines

The magazine company behind Esquire, Cosmopolitan and Harper’s Bazaar has lost its chief content officer. Joanna Coles, a former editor of Cosmopolitan who was appointed one of the highest-ranking executives at Hearst Magazines in 2016, has resigned from the company. Her decision to leave ends her 12-year stint at the publisher, which she joined in 2006 as the top editor of Marie Claire. The selection of Troy Young, 50, to take control of Hearst’s magazines last month signaled the company’s intention to move more deeply into digital media.

Alcoa seeks tariff exemption

Alcoa would seem to be in a prime position to benefit from President Donald Trump’s aluminum tariffs. The 130-year-old U.S. aluminum producer has faced stiff competition from overseas. But on Monday, Alcoa asked the administration for an exemption from the 10 percent tariffs. The reason: The company imports much of its aluminum from Canada, which is among the countries subject to Trump’s metals tariffs. Alcoa’s request underscores the risk the Trump administration faces as it tries to protect U.S. firms by erecting trade barriers.

DOJ criticizes AT&T case judge

The Department of Justice on Monday laid out its case against a federal court’s approval of the AT&T and Time Warner merger, criticizing a judge for “erroneously ignoring fundamental principles of economics and common sense.” The argument, made to the U.S. Court of Appeals for the District of Columbia, is the start of the government’s second attempt to stop the $85.4 billion deal. The department lost its case in June, and AT&T and Time Warner, the owner of CNN and HBO, have since hurried to stitch their operations together.

— From wire reports