Dow, S&P close at record peaks

NEW YORK: US stocks overcame a choppy day of trading Friday and closed
at fresh all-time highs as Group of Seven finance chiefs met in Britain
to discuss economic challenges.


The Dow Jones Industrial Average rose 35.87 points (0.24 percent) to 15,118.49, a new all-time closing high.


The broad-based S&P 500, also reaching a fresh record peak,
added 7.03 points (0.43 percent) at 1,633.70, while the tech-rich Nasdaq
Composite Index increased 27.41 points (0.80 percent) to 3,436.58.


The gains came amid a lack of major US economic data, with stocks
like Gap and Priceline advancing after favorable earnings news.






G7 finance ministers and central bank governors began a two-day meeting near London to discuss economic growth strategies.


Shares of pharmaceutical companies Actavis and Warner Chilcott
soared as the companies said they were in preliminary talks regarding a
possible merger. Actavis rose 12.2 percent, while Warner Chilcott surged
20.0 percent.


Computer maker Dell gained 1.0 percent after investor Carl Icahn and
Southeastern Asset Management proposed an alternative takeover offer,
calling company founder Michael Dell's planned private equity buyout a
"giveaway."


Online travel company Priceline rose 3.8 percent after reporting net
income of $5.76 per share, well above the $5.27 forecast by analysts.
The company reported a 36.4 percent increase in first-quarter gross
travel bookings.


Apparel retailer Gap put on 5.6 percent after saying it expects
first-quarter profits of 68-69 cents per share compared with
expectations of 56 cents per share. The company said April sales were
particularly strong, with higher comparable sales at its Gap, Banana
Republic and Old Navy stores.


Electric car manufacturer Tesla Motors continued to ride strong
momentum after a favorable earnings report Thursday, gaining 10.6
percent Friday. -- AFP