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US stocks close higher amid better than expected economic growth

Published 27/05/2016

US stocks closed higher on Wall Street
US stocks closed higher on Wall Street

US stocks closed higher in their best week since early March after the Commerce Department said economic growth was stronger than initially thought in the first quarter.

Financial stocks rose the most on Friday after Fed Chair Janet Yellen confirmed the central bank intends to keep raising interest rates if the economy keeps improving.

In deal news Valeant Pharmaceuticals rose more than 5% after the Wall Street Journal said it had rejected an overture earlier this year from Japan's Takeda and private equity firm TPG Capital.

The price of benchmark crude fell 0.3% to 49.33 US dollars in New York.

The Dow rose 45 points, or 0.3%, to 17,873. The Standard and Poor's 500 index was up 9 points, or 0.4%, to 2,099. The Nasdaq composite climbed 32 points, or 0.7%, to 4,934.

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