Stocks Closed Higher as Rate-hike Fears Eased

U.S. stocks closed higher on Friday as fears of a June Federal Reserve rate-hike eased following a Thursday selloff.  The Dow Jones Industrial Average rose 65.54 points, or 0.38%, to 17,500.94, but was down 0.2% for the week. The S&P 500 climbed 12.28 points, or 0.60%, to 2,052.32, posting a 0.3% weekly gain. The Nasdaq Composite surged 57.03 points, or 1.21%, to 4,769.56, rising 1.1% on a weekly basis.

U.S. home resales rose more than expected in April, suggesting the economy continues to gather pace during the second quarter. The National Association of Realtors said on Friday existing home sales increased 1.7 percent to an annual rate of 5.45 million units.

California employers picked up hiring in April, adding 59,600 jobs during the month, according to state data released Friday. Unemployment, which has been steadily declining, reached 5.3%, inching closer to the national unemployment rate of 5%, the Employment Development Department reported.

Citigroup told US regulators last week it was not willing to support troubled marketplace lender Lending Club after its CEO stepped down following a botched sale of loans.