US stock markets closed on a higher note on Friday as Nasdaq touched 15-year high, while the Dow Jones and the S&P 500 made gains due to the strong US dollar that recovered after the monetary policy of Federal Reserve Bank led to instant fall during the week.
The new technology market barometer Nasdaq biotech index added 0.5 percent on Friday, marking gain of about 7.5 percent in the past eight sessions of trading.
Pharmaceutical firm Biogen Idec surged about 10 percent following announcement of promising results of its experimental drug for Alzheimer’s disease.
Nike surged 3.7 percent to USD 101.98 giving the major boost to the Dow Jones after it posted a quarterly profit beating the estimates of the market. The world’s largest sportswear making company sold shoes and apparels with more higher-margin, but cautioned that the strengthening dollar would take a toll on its current quarter.
The sharp gains in the greenback in the recent times have raised worries about the impact of the currency on the earnings of American multinationals.
The projections of earnings by S&P 500 for the first quarter as well as for 2015 have dropped significantly since January 1.
The Nasdaq Composite gained 34.04 points, or 0.68 percent, to a 15-year high at 5,026.42. The Dow Jones industrial average increased 168.62 points, or 0.94 percent, to 18,127.65, while the S&P 500 added 18.83 points, or 0.9 percent, to 2,108.10.
The US dollar was down 1.5 percent against a basket of major currencies.
Both the S&P 500 and the Dow gained 2.7 percent and 2.1 percent respectively during the week, snapping a run of losses for straight three-week. The S&P 500 ended less than 10 points down its record close.
On the other hand, the Nasdaq ended up 3.2 percent, only 22 points from its record closing high.
On the NYSE, the advancing issues outnumbered declining ones by 2,452 to 632. On the other hand, 1,661 issues increased and 1,116 dropped on the Nasdaq.