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US stocks follow global markets higher as G7 meets

Traders work on the floor of the New York Stock Exchange on May 6, 2013 in New York City
Traders work on the floor of the New York Stock Exchange on May 6, 2013 in New York City. US stocks regained momentum Friday after Thursday's losses, moving higher along with global equity markets as the G7 finance chiefs were to meet outside London on gl

US stocks regained momentum Friday after Thursday's losses, moving higher along with global equity markets as the G7 finance chiefs were to meet outside London on global economic challenges

About 30 minutes into trade, the Dow Jones Industrial Average added 22.47 (0.15 percent) to 15,105.09.

The broad-based S&P 500 rose 4.31 (0.26 percent) to 1,630.98, while the tech-rich Nasdaq Composite Index increased 16.25 (0.48 percent) to 3,425.42.

The opening gains followed rises in European and Asian stock markets, with Japan's Nikkei 225 index gaining 2.9 percent as the yen sank.

Finance ministers and central bank chiefs from the Group of Seven industrialized economies begin talks Friday on spurring growth, with currency factors likely to feature after the dollar surged past 101 yen, and amid US-Europe divisions over the scale of austerity.

Computer maker Dell gained 0.5 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 2.5 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 6.1 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.

Bond prices fell. The yield on the 10-year US Treasury rose to 1.85 percent from 1.81 percent, while the yield on the 30-year increased to 3.05 percent from 3.00 percent. Bond prices move inversely to yields.

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