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Dow, S&P close at record highs

Friday, February 20, 2015 - 01:30

A deal to extend Greece's bailout sparked a late relief rally. The Nasdaq rose for the eighth straight session. Fred Katayama reports.

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U.S. stocks marched higher on a relief rally. The deal to extend Greece's bailout pushed the Dow and S&P 500 to close at all-time highs. The Nasdaq stretched its win streak into an eighth session as it climbed closer to the 5,000 mark hit 15 years ago. For the week, the Dow, S&P and Nasdaq all gained ground. Shares of American drugmaker Salix jumped on the news that Valeant Pharmaceuticals is close to buying it for around $160 per share. That would value Salix at about $10.2 billion. The deal could come as early as next week. Helping boost the Nasdaq: Intuit. The company lost a lot less money than expected due to strong demand for its online tax-preparation software Turbo Tax. Retailer Ann's shares shot up after Bloomberg reported it's looking to sell itself. Bankrupt electronics retailer RadioShack received court approval for its plan to sell the leases to more than 1,100 stores that are closing by the end of February. The U.S. transportation secretary said the United States has fined the Japanese airbag maker Takata for not fully cooperating in the defective airbag probe. The penalty: $14,000 per day. In economic news... The U.S. manufacturing sector expanded in February at its fastest rate since November, bouncing back after notching its lowest reading in a year in the prior month. European stocks touched multi-year highs but closed mixed.

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Dow, S&P close at record highs

Friday, February 20, 2015 - 01:30