U.S. stocks edged higher on Friday as a rally in technology shares outweighed speculation of an interest rate rise soon. Dow Jones topped highest close in a year.
International Business Machines Corp. led gains in the Dow Jones Industrial Average after Barclays Plc upgraded computer hardware companies, saying server and storage demand is picking up. Google Inc. also rallied as Credit Suisse Group AG lifted its price estimate and said the search business will benefit from a rebound in advertising.
The dollar strengthened after Federal Reserve Chairman Ben Bernanke said the bank will tighten monetary policy once the economy improves. The Fed will need to raise rates "at some point "to control inflation, Bernanke said at a Board of Governors conference late Thursday in Washington. The dollar rose against the yen and the euro on the remark and weighed on stocks in early trading.
On economic news, the U.S. Commerce Department says the trade deficit declined 3.5 percent to 30.7 billion U.S. dollars in August, as imports fell on lower oil demand. Economists had expected the deficit to rise.
The Dow Jones rose 78.07 to 9,864.94. Broader indexes went higher. The Standard & Poor’s 500 index added 6.00 to 1,071.48 and the Nasdaq rose 15.35 to 2,139.28.
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