Investing.com -- U.S. stocks closed higher on Friday capping one of its strongest weeks of the year, amid significant rallies in retail sales, emerging markets and the aerospace sector.
Bolstered by a surge in Nike Inc (N:NKE) shares, the Dow Jones Industrial Average gained 91.20 or 0.51% to close at 17,823.95, finishing with one of its best weeks since February. The Dow appeared on the verge of posting one of its top weeks of the calendar year, rising by as much as 180 points in the session, before falling back slightly in the final hours of the session. The NASDAQ Composite index ended a bullish week by closing at 5,104.92, up 31.28 or 0.62% on the day, while the S&P 500 Composite index ticked up to finish with its top week of the year.
The S&P 500 gained 7.93 or 0.38% to 2,089.17, as seven of 10 sectors closed in the green. Stocks in the Technology, Health Care and Consumer Services industries led, each gaining at least 0.65% on the session. The S&P 500 needed to clear 2,089 to finished with its best weekly session for 2015.
The expiration of a wide range of options on the third Friday of the month also created some volatility on the session.
Shares in Nike jumped 6.67 or 5.30% to 132.45, as investors reacted to the company's $12 billion share repurchase plan unveiled on Thursday after the close of trading. The multinational sports apparel giant also declared a 14% dividend hike and outlined a 2-for-1 stock split during the announcement. The plan comes after Nike has seen its revenues soar due to double-digit growth in China, as well as subdued sales from Adidas (DE:ADSGN). Nike, the top performer on the Dow, soared to near all-time record highs on Friday.
The worst performer was Chevron Corporation (N:CVX), which fell 1.84 or 2.03% to 88.99 at Friday's close. U.S. crude futures closed around $41 a barrel on Friday, remaining near 10-week lows.
The biggest gainer on the NASDAQ was Ross Stores Inc (O:ROST), which added 4.38 or 9.48% to 50.58 after the discount retailer reported a 7% increase in its revenue over the third quarter. The worst performer was BMRN, which fell 6.32 or 6.13% to 96.79. Shares in the California biotech company have fallen sharply over the last several days ahead of next week's FDA panel review of Drisapersen, its drug aimed at helping treat Duchenne Muscular Dystrophy.
Ross Stores (O:ROST) also finished as the top performer on the S&P 500, just ahead of Gap Inc (N:GPS), which gained 1.88 or 7.49% to 26.97. Gap shares rose considerably on Friday as investors covered short positions, following the release of disappointing third quarter data from the San Francisco-based retailer in Thursday's after-hours session. For the quarter, Gap's namesake brand reported same-store sales declines of 4%, while comparative store revenues at its Banana Republic division slumped by 12%.
The worst performer was Chipotle Mexican Grill Inc (N:CMG), which plunged nearly 11% to 544.43 after the Centers for Disease Control and Prevention expanded the scope of the restaurant chain's E-Coli outbreak on Friday. The E-Coli strain, according to the CDC, has now spread to Chipotle restaurants in California, New York and Minnesota. Last month, the company announced the closings of restaurants in Washington and Oregon due to the outbreak. Chipotle said on Friday that it is working with health officials to control the epidemic.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 1,809 to 1,269 margin.