Stocks mostly higher…Oil prices turn south… Oil supply abundant

NEW YORK (AP) — Stocks made solid gains today as Apple and Qualcomm led a rally in technology companies. Drugmakers and health insurers also rose. The S&P 500 index rose 15 points, or 0.5 percent, to 2,904. The Dow Jones Industrial Average rose 147 points, or 0.6 percent, to 26,145 and the tech-heavy Nasdaq composite gained 59 points, or 0.7 percent, to 8,013. The Russell 2000 index of smaller-company stocks dipped 1 point, or 0.1 percent, to 1,714.

NEW YORK (AP) —Oil prices have reversed course. Benchmark U.S. crude slid 2.5 percent to $68.59 a barrel in New York. It jumped 4.3 percent over the previous two days. Brent crude, used to price international oils, shed 2 percent to $78.18 a barrel in London. Meanwhile, wholesale gasoline fell 2.1 percent to $1.99 a gallon. Heating oil lost 1.5 percent to $2.22 a gallon and natural gas slipped 0.4 percent to $2.82 per 1,000 cubic feet.

UNDATED (AP) — The world’s supply of oil hit a record last month, yet another sign of oil’s dominance over the energy landscape. The International Energy Agency says the global oil supply reached 100 million barrels a day for the first time ever. OPEC and the United States are boosting output. OPEC accounts for about one-third of all production. Rising output in Libya, Iraq, Nigeria and Saudi Arabia is offsetting declines in Iran and in Venezuela.

WASHINGTON (AP) — Long-term U.S. mortgage rates this week jumped to their highest level since the start of August, raising costs for would-be homebuyers. Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages climbed to 4.60 percent from 4.54 percent last week. Solid job growth has boosted demand from would-be homebuyers. But rising prices, a shortage of sales listings and higher rates have been a drag on sales.

DETROIT (AP) — Volkswagen says it will stop making its iconic Beetle in July of next year.Volkswagen of America announced the end of production of the third-generation Beetle by introducing two final special editions. The Beetle was developed in Nazi Germany in 1938 and came to the U.S. 11 years later. It sold for about 30 years before production ceased. Volkswagen didn’t rule out bringing the bug back in the future but says it has no plans at this time.

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