Wall Street closes higher on GE divestment and buyback

NEW YORK (Reuters) - U.S. stocks closed out a strong week with a broad rally on Friday as investors lauded GE's decision to divest most of its high-risk GE Capital business and repurchase up to $50 billion of its shares.

The Dow Jones industrial average rose 98.92 points, or 0.55 percent, to 18,057.65, the S&P 500 gained 10.89 points, or 0.52 percent, to 2,102.07 and the Nasdaq Composite added 21.41 points, or 0.43 percent, to 4,995.98.

For the week, the Dow is up 1.6 pct, the S&P 500 up 1.7 pct, and the Nasdaq up 2.2 pct.

(Reporting by Tanya Agrawal; Editing by Chizu Nomiyama)