S&P 500 gains as Berkshire rallies

U.S. stocks climbed, with Warren Buffett’s Berkshire Hathaway 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 shares. Investors were hunting bargains after last month’s downturn 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.

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 faring better.

Amazon to placeHQ2 in 2 locations

SEATTLE — After conducting a yearlong search for a second home, Amazon has switched gears and is finalizing plans to have a total of 50,000 employees in two locations, according to people familiar with the decision-making process.

The company is nearing a deal to move to the Long Island City neighborhood of Queens, according to two of the people briefed on the discussions. Amazon is also close to a deal to move to the Crystal City area of Arlington, Virginia, a Washington suburb, one of the people said.

Amazon has more employees in those two areas than anywhere else outside Seattle, its home base, and the Bay Area.

Amazon executives met two weeks ago with Gov. Andrew M. Cuomo in the governor’s Manhattan office, said another of the people briefed on the process, adding that the state had offered potentially hundreds of millions of dollars in subsidies. Long Island City is a short subway ride across the East River from Midtown Manhattan.

Tencent rolls out gaming rules

As video games continue to come under fire from the Chinese government for their addictiveness and health implications, one of the biggest gaming companies announced Monday that it is placing major restrictions on young players, including expanding its age verification system and imposing limits on daily play as part of a new “health system.”

Shenzhen-based Tencent said via WeChat that in addition to mandatory identification checks, players age 12 and under will be able to play for just an hour a day and will be barred from playing between 9 p.m. and 8 a.m.

Teens ages 13 to 18 will be allowed to play two hours a day.

— From wire reports