WASHINGTON (Alliance News) - US stocks rallied on Friday, with the Dow Jones Industrial Average settling at a new all-time high.
The major averages showed little direction for most of the day but advanced in the final hour of the session, with health care and consumer discretionary stocks.
The Nasdaq closed higher but still posted its worst weekly performance in a month.
The Dow industrials rose 32.37 points, or 0.2%, to close at 16,583.34. The Dow rose 0.4% for the week.
The S&P 500 rose 2.85 points, or 0.2%, to 1,878.48, for a 0.1% weekly decline. The Nasdaq Composite gained 20.37 points, or 0.5%, to 4,071.87, trimming its weekly loss to 1.3%.
Traders reacted favorably to signs that the European Central Bank will introduce stimulus in June. Some positive US economic data also boosted appetite for stocks.
Shares of Apple (AAPL) edged down fractionally amid widespread reports that it will pay USD3.2 billion for Dr. Dre's Beats headphones.
Separate reports out of Asia said Apple will launch its iPhone 6 in August.
Computer Sciences (CSC) was a top performer on the S&P 500, as the company reported fourth quarter adjusted earnings per share from continuing operations of USD1.09, down from USD1.22 in the previous year.
Nvidia (NVDA) was down 2.5% even as the chipmaker's outlook for current-quarter revenue met expectations.
Merck (MRK) was among the strong performers in the health care sector, as the stocks rose 0.7%
In economic news, US wholesale inventories rose more than expected in March, according to figures released Friday by the Commerce Department.
Inventories rose 1.1% in March, while economists were looking for a 0.4% increase.
Also, inventories were up by a revised 0.7% in February, a bit higher than the prior 0.5% reading.
Original headline: Stocks Rise, Dow Rallies To New Record High
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