Business

Nike leads the Dow Industrials higher

NYSE traders Image copyright Getty Images

(Close): The Dow Industrials has closed up 91.1 points, or 0.6%, at 17,823.81, led by a 5.5% gain in shares of Nike.

Late on Thursday, Nike announced a $12bn share buyback, raised its dividend and announced a two-for-one split of its shares.

Shares in Gap jumped 7.5%, despite cutting its 2015 profit forecast on Thursday, blaming the strong dollar and weak sales.

The S&P 500 was up 0.4% at 2,081 and the Nasdaq was 0.6% higher at 5,105.

Retailer Abercrombie & Fitch broke with the trend set by other companies in its sector and reported a doubling of third quarter profits.

The teen-focused clothing brand saw its shares rise 25% after the news.

A deal between drug makers Allergan and Pfizer moved ahead, despite steps by the US Treasury to prevent cross-border mergers that allow companies to avoid corporate tax.

Allergan shares rose 3.5% after the news and Pfizer shares fell 0.3%.