Dow, S&P close at fresh all-time highs

US stocks overcame a choppy day of trading Friday and closed at fresh all-time highs as Group of Seven finance chiefs met in Britain to discuss economic challenges. The Dow Jones Industrial Average rose 35.87 (0.24 percent) to 15,118.49, a new all-time closing high. The broad-based S&P 500, also reaching a fresh record peak, added 7.03 (0.43 percent) at 1,633.70, while the tech-rich Nasdaq Composite Index increased 27.41 (0.80 percent) to 3,436.58. The gains came amid a lack of major US economic data, with stocks like Gap and Priceline advancing after favorable earnings news. G7 finance ministers and central bank governors began a two-day meeting near London to discuss economic growth strategies. Shares of pharmaceutical companies Actavis and Warner Chilcott soared as the companies said they were in preliminary talks regarding a possible merger. Actavis rose 12.2 percent, while Warner Chilcott surged 20.0 percent. Computer maker Dell gained 1.0 percent after investor Carl Icahn and Southeastern Asset Management proposed an alternative takeover offer, calling company founder Michael Dell's planned private equity buyout a "giveaway." Online travel company Priceline rose 3.8 percent after reporting net income of $5.76 per share, well above the $5.27 forecast by analysts. The company reported a 36.4 percent increase in first-quarter gross travel bookings. Apparel retailer Gap put on 5.6 percent after saying it expects first-quarter profits of 68-69 cents per share compared with expectations of 56 cents per share. The company said April sales were particularly strong, with higher comparable sales at its Gap, Banana Republic and Old Navy stores. Electric car manufacturer Tesla Motors continued to ride strong momentum after a favorable earnings report Thursday, gaining 10.6 percent Friday. Bond prices tumbled. The yield on the 10-year US Treasury rose to 1.90 percent from 1.81 percent late Thursday, while the yield on the 30-year increased to 3.10 percent from 3.00 percent. Bond prices move inversely to yields.