More U.S. companies cut NRA ties; Business briefing; Stocks post modest gain for week; Fed: Gradual rate hikes this year

U.S. companies are taking a closer look at investments, co-branding deals and other ties to the gun industry and its public face, the National Rifle Association, after the latest school massacre.

Petitions are circulating online targeting companies that offer discounts to NRA members on its website.

Members of the NRA have access to special offers from partner companies on its website. For a second consecutive day companies listed on the site have cut ties to the NRA as it aggressively resists calls for stricter gun control in the wake of the mass shooting last week at a Florida high school that left 17 dead.

The insurance company MetLife Inc. ended its discount program with the NRA on Friday. Symantec Corp., which makes Norton Antivirus technology, did the same.

Insurer Chubb Ltd. said Friday it is ending participation in the NRA's gun-owner insurance program, but it provided notice three months ago. The program that provided coverage for people involved in gun-related incidents or accidents had been under scrutiny by regulators.

First National Bank of Omaha, one of the nation's largest privately held banks, announced that it would not renew a co-branded Visa credit-card with the NRA.

Stocks post modest gain for week

Wall Street capped several days of choppy trading Friday with a broad rally that gave markets a modest gain for the week.

Technology companies, banks and health care stocks accounted for much of the market's gains. Energy companies also rose.

The Standard & Poor's 500 index climbed 43.34 points, or 1.6 percent, to 2,747.30. The Dow Jones industrial average picked up 347.51 points, or 1.4 percent, to 25,309.99. The Nasdaq composite gained 127.30 points, or 1.8 percent, to 7,337.39. The Russell 2000 index of smaller-company stocks rose 19.20 points, or 1.3 percent, to 1,549.19.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.87 percent from 2.92 percent.

Fed: Gradual rate hikes this year

The Federal Reserve says it expects that the ongoing strength of the U.S. economy will warrant gradual increases in interest rates this year, delivering the same steady-as-it-goes message under new leader Jerome Powell as it had under Janet Yellen.

The Fed's projection on rate hikes came with the release Friday of its semi-annual monetary report to Congress. Powell will testify before the House Financial Services Committee Tuesday, making his first public appearance since taking over as chairman.

The report stated that the Fed expects steady economic gains will warrant "further gradual increases" in the Fed's benchmark rate.

THE BOTTOM LINE

$8B The price General Mills agreed to pay for Blue Buffalo Pet Products, adding the maker of natural dog and cat food to a portfolio that includes Haagen-Dazs ice cream and Cheerios cereal. The company plans to pay $40 a share for Blue Buffalo, which sells products like "antioxidant-rich" dog and cat food under brands such as Blue Life Protection Formula, Blue Wilderness and Blue Basics. That's a 17 percent premium from Thursday's closing price.

Credit: - From news services

Caption: Traders work the floor of the New York Stock Exchange on Friday. Tech issues led the markets higher.

Richard Drew/AP