S. economic growth unexpectedly slowed in the fourth quarter as strong consumer spending resulted in a surge in imports.
Biogen Inc (BIIB.O) surged 2.09 percent after the drugmaker reported fourth-quarter revenue that beat Wall Street estimates on higher sales of recently launched drug Spinraza.
Technology and health care companies are leading stocks broadly higher in midday trading on Wall Street.
"We continue to see these positive steps in the right direction and definitely earnings are clearly justifying a lot of the recent move that we've had", said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.
According to a data set by FactSet, 77 percent companies have reported better than expected earnings whereas 79 percent were those who experienced and reported better than expected rates.
Meanwhile, traders were also digesting a mixed batch of economic data, including a report from the Commerce Department showing a steep drop in new home sales in the month of December.
President Donald Trump's comments Thursday in favor of a "strong dollar", a day after Treasury Secretary Steven Mnuchin said a weaker greenback would help US trade balances in the short term, failed to put a lid on volatility and keep dollar bears in check. The Nasdaq Composite Index, however, finished in negative territory but mostly flat on the day as technology shares have bounced around over the past two sessions.
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The rise lifted the S&P healthcare sector.SPXHC 0.89 percent as one of the best-performing S&P groups.
The MSCI world equity index, which tracks shares in 47 countries, was on track for its 10th week of gains, and the Dow and S&P 500 hit record highs.
"It's non-stop positive reinforcement that keeps pushing the market up", said Frank Davis, director of sales and trading at LEK Securities in NY.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.67 percent. The Dow also closed at an all-time high. A stronger dollar can create a headwind for multinational companies doing business overseas but a firmer greenback also has been viewed as underlining a strong USA economy.
The Dow Jones industrial average added 52 points, or 0.2 percent, to 26,440.
Gold also rose with the dollar's decline.
The Dow Jones industrial average added 171 points, or 0.7 percent, to 26,422.