[video] Market Hustle: Stocks Gain as Dow Holds 16,000 on Yellen Frenzy
NEW YORK (TheStreet) -- Major U.S. markets closed higher Friday as the Dow Jones Industrial Average closed above 16,000 for a second day as drugmakers received a boost from government regulators.
The Dow was up 0.34% to close at 16,064.77 while the S&P 500 added 0.5% to finish the week at 1,804.76. The Nasdaq gained 0.6% to 3,991.65. for the week, the S&P and Dow gained 0.37% and 0.65%, respectively while the Nasdaq tacked on 0.14% for the five-day trading period.
Mounting support for Janet Yellen's nomination to head the Federal Reserve has bolstered prospects that the central bank's massive bond-buying program will continue until the economic recovery is on stronger legs.
In company news, Biogen Idec
In other news, the euro hit a four-year high against the Japanese yen after strong German business sentiment suggested ongoing recovery in Europe's largest economy.
Kansas City Fed President Esther George told a Bank of France conference in Paris that U.S. bank stress tests were a "work in progress" and could be improved by being made more transparent.
-- By Jane Searle and Joe Deaux in New York