Dow hits new record as US stocks rally

The Dow closed at a fresh record high as US stocks rallied Friday,with investors shrugging off mixed earnings reports and uncertainty over theRussia-Ukraine crisis.The Dow Jones Industrial Average advanced 32.37 points (0.20 percent) to 16,583.34,2.5 points above the previous high on April 30.The broad-based S&P 500 added 2.85 (0.15 percent) at 1,878.48, while the tech-richNasdaq Composite Index outperformed, gaining 20.37 (0.50 percent) at 4,071.88.Wall Street had some "pretty positive" economic data this week, said Art Hogan, chief market strategist at Wunderlich Securities."There's less of a geopolitical flight-to-safety trade," he said. Trading was quiet, analysts said, with the major indices spending a good part of theday in the red.Apparel retailer Gap reported that April comparable sales jumped nine percent fromthe year-ago level; shares jumped 3.3 percent. But Ralph Lauren fell 2.1 percent after predicting profit margins in its next fiscalyear will drop as it steps up investment in advertising and marketing.Advertising giants Omnicom and Publicis called off a $35 billion merger that wouldhave fashioned the world's largest advertising house amid disagreements overintegrating the companies and filling key executive positions.Omnicom gained 2.2 percent. Publicis shares fell 0.8 percent in Paris.Apple shares lost 0.4 percent amid reports it is close to announcing a $3.2 billionacquisition of Beats Electronics, which makes headphones and has a popular newmusic-streaming service.Investment bank Goldman Sachs disclosed that regulators have questioned thecompany over its high-speed trading operations and its foreign-hiring practices.Shares dipped 0.1 percent.Bond prices fell. The yield on the 10-year US Treasury rose to 2.63 percent from 2.61percent Thursday, while the 30-year increased to 3.46 percent from 3.43 percent.Bond prices and yields move inversely.