(MENAFN- AFP) The Dow closed at a fresh record high as US stocks rallied Friday, with investors shrugging off mixed earnings reports and uncertainty over the Russia-Ukraine crisis.
The Dow Jones Industrial Average advanced 32.37 points (0.20 percent) to 16,583.34, 2.5 points above the previous high on April 30.
The broad-based S&P 500 added 2.85 (0.15 percent) at 1,878.48, while the tech-rich Nasdaq Composite Index outperformed, gaining 20.37 (0.50 percent) at 4,071.88.
Wall Street had some "pretty positive" economic data this week, said Art Hogan, chief market strategist at Wunderlich Securities.
"There's less of a geopolitical flight-to-safety trade," he said.
Trading was quiet, analysts said, with the major indices spending a good part of the day in the red.
Apparel retailer Gap reported that April comparable sales jumped nine percent from the year-ago level; shares jumped 3.3 percent.
But Ralph Lauren fell 2.1 percent after predicting profit margins in its next fiscal year will drop as it steps up investment in advertising and marketing.
Advertising giants Omnicom and Publicis called off a $35 billion merger that would have fashioned the world's largest advertising house amid disagreements over integrating the companies and filling key executive positions.
Omnicom gained 2.2 percent. Publicis shares fell 0.8 percent in Paris.
Apple shares lost 0.4 percent amid reports it is close to announcing a $3.2 billion acquisition of Beats Electronics, which makes headphones and has a popular new music-streaming service.
Investment bank Goldman Sachs disclosed that regulators have questioned the company over its high-speed trading operations and its foreign-hiring practices. Shares dipped 0.1 percent.
Bond prices fell. The yield on the 10-year US Treasury rose to 2.63 percent from 2.61 percent Thursday, while the 30-year increased to 3.46 percent from 3.43 percent. Bond prices and yields move inversely.
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