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Stocks bounce back...Oil prices slide... Buffett's Berkshire Hathaway has good quarter

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NEW YORK (AP) — The stock market bounced back yesterday but the chief investment officer at Fort Pitt Capital Group is cautioning against reading too much into a day with light trading. Charlie Smith says "The rally is fun" but "doesn't mean much." The Dow gained 1 percent, the S&P 500 was up 1.1 percent and the Nasdaq rose 1.3 percent.

NEW YORK (AP) — Oil futures are down a little. They fell nearly 1 percent Friday, the first trading day in May. The decline followed a gain of more than 20 percent the month before. Benchmark U.S. oil slid 48 cents, or 0.8 percent, to $59.15 a barrel in New York. And Brent crude, the international benchmark, slipped 32 cents, or 0.5 percent, to $66.46 a barrel in London.

OMAHA, Neb. (AP) — Warren Buffett's company says its first-quarter profit jumped 10 percent on the strength of its railroad and insurance businesses. Berkshire Hathaway earned $5.16 billion, or $3,143 per Class A share, during the first three months of 2015. That's up from $4.71 billion, or $2,862 per Class A share, last year. Revenue grew 7 percent to $48.6 billion.

LOS ANGELES (AP) — Prime Minister Shinzo Abe (shin-zoh ah-bay) says economic relations between Japan and the United States are strong and have the potential to get stronger. Abe says there's a synergy across the Pacific Ocean between the two nations and their economic alliance stands on a rock-solid foundation. Abe is a strong advocate of closer ties with the U.S.

LOS ANGELES (AP) — Dr. Mehmet Oz's radio show, "A Daily Dose with Dr. Oz," is getting a new home. Oz struck a deal with iHeartMedia that will begin later this year. The minute-long "A Daily Dose" will air on its current radio syndicator, Westwood One, through the end of May. Westwood One is offering affiliate's a replacement, "A Better Life with Dr. Sanjay Gupta."

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