S&P 500 closes at record high on German data

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(Close): Better-than-expected growth data from Germany helped to lift stocks on Wall Street on Friday.

The S&P 500 gained 8.51 points to end at 2,096.99, a new record high.

The Dow Jones rose 46.97 points to finish at 18,019.35, and the tech-heavy Nasdaq added 36.22 to 4,893.84.

Germany's economy expanded by 0.7% in the final three months of 2014, raising hopes that growth in the eurozone will gather pace. The eurozone as a whole grew by 0.3% in the quarter.

As well as the growth news from the eurozone, investors have also been encouraged by the ceasefire deal in eastern Ukraine, and hopes of progress in the Greek debt talks.

Oil stabilises

A recovery in oil prices has also led investors to breath a sigh of relief.

The price of oil rose once more on Friday, leading some to believe that a bottom in prices - which have fallen by half since June last year - was near.

The price of Brent crude rose 3.4% to $61.30 per barrel and the price of US oil - known as West Texas Intermediate crude - rose 2.4% to $52.50 per barrel.

Gaming woes

One of the day's biggest losers was Farmville maker Zynga, which saw its shares plunge 15.8% after it reported widening losses late on Thursday as it struggles to attract users to its games.

Shares in American Express continued to fall, slipping nearly 3%, in the wake of the news that Costco will stop accepting the company's cards from next year.

TV network CBS saw its shares climb 3.6% after its fourth quarter revenues and profits came in ahead of expectations. Revenues rose 3% to $3.68bn while earnings per share rose to 77 cents from 69 cents.