US stocks end week with strong gains

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(Close): US shares ended the week with solid gains, recovering some of Thursday's lost ground.

At the close of trading, the Dow Jones was up 0.9% at 17,959.03, the S&P 500 was up 0.9% at 2,089.27 points, while the tech-heavy Nasdaq was up 0.68% at 5026.42 points.

The latter is edging nearer to its all-time highest close of 5,048.62, reached in March 2000.

The US oil benchmark, West Texas Crude, rose by 1.7%, to $46.32 a barrel.

Shares in sportswear giant Nike went up by almost 4%, after it reported that net income rose 16% to $791m.

However the firm warned that the dollar's recent strength would hit future profits.

Luxury jewellery firm Tiffany's shares fell by 4% after the company said that the strong dollar was having "a negative effect on spending by foreign tourists".

But the dollar's rise was stemmed somewhat on Friday. It dropped back against the euro again losing 1.56% to €0.9237 and it lost 1.22% against sterling to £0.6694.