The daily business briefing: March 18, 2016

1. U.S. stocks hit 2016 highs

The Dow Jones Industrial Average closed in positive territory for the year on Thursday, as U.S. stocks added to Wednesday's gains. The S&P 500 also had its highest close of the year. The Nasdaq reached its highest point since Jan. 7. The surge came after the Federal Reserve on Wednesday scaled back its forecast for 2016 interest rate hikes, saying economic growth and job growth were solid but an uncertain economy still posed risks. Thursday's rally was a "continued reaction from the Fed's move," a UBS Americas Wealth Management analyst said. Dow futures were up further early Friday.

Reuters MarketWatch

2. Tiffany forecasts profit decline as global economy hurts sales

Luxury jewelry retailer Tiffany reported quarterly earnings that narrowly beat Wall Street's expectations, but the New York-based company said profits would fall by 15 percent to 20 percent in the current quarter. Tourists account for as much as 20 percent of Tiffany's sales, and foreign visitors have cut spending on visits to New York and other U.S. cities due to global economic troubles. A strong dollar also has hurt foreign sales. Worldwide, sales fell by 9 percent, more than expected.

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Bloomberg MarketWatch

3. Oil prices close at highest level of 2016

Oil prices closed above $40 a barrel on Thursday for the first time in 2016, and rose further on Friday to hit a 2016 high of $42 a barrel. Oil has been climbing slowly for five weeks after hitting 13-year lows in early February. Prices are getting a fresh boost from rising seasonal demand and the same market-friendly message from the Federal Reserve that lifted stocks. Oil prices are expected to climb more later in the year, but some analysts believe the recent climb has reached unjustified heights, given that there is still a glut of about 1.5 million barrels a day.

USA Today

4. Regulator says Amazon should let shareholders vote on gender pay inequality

Amazon should let shareholders vote on an activist investor's proposal on addressing gender pay inequality, the U.S. Securities and Exchange Commission said Thursday. Arjuna Capital, the activist arm of investment firm Baldwin Brothers, has submitted the measure to the e-commerce giant and eight other technology companies, including eBay and Intel. Amazon had asked the SEC to keep the measure off its annual ballot, saying it was "impermissibly vague and misleading."

International Business Times

5. Tribune Publishing wins bankruptcy auction for Freedom Communications assets

Tribune Publishing, owner of the Los Angeles Times and the Chicago Tribune, said Thursday that it had won the bidding at a bankruptcy auction to acquire Freedom Communications assets, including the Orange County Register. The $56 million deal would give the company control over the second largest daily newspaper on the Times' home turf, but only if federal regulators approve.

USA Today