Twenty-four of the 25 biggest drags on the index came from its three most influential sectors: energy, financials and materials.
The Dow transports also jumped more than 1 percent as most constituents gained, led by a more than 6 percent surge in Kansas City Southern despite the firm reporting a sharp decline in profits. Exxon was down 0.34 percent and Chevron lost down 1.2 percent.
At 10:54 a.m. EDT, the Toronto Stock Exchange’s S&P/TSX composite index was down 121.65 points, or 0.83 per cent, at 14,609.43. Consumers remained upbeat about employment and wages.
General Electric rose 0.7 percent after it lifted its forecast for 2015 industrial earnings on strong orders in aviation and some other businesses. Gold futures were down 1.2 per cent at $1,130.2 an ounce.
Declining issues outnumbered advancing ones on the NYSE by 2,000 to 1,076, for a 1.86-to-1 ratio; on the Nasdaq, 1,676 issues fell and 1,115 advanced for a 1.50-to-1 ratio favoring decliners.
The Nasdaq Composite Index rose to an all- time high for a second day after Google jumped on better-than-estimated earnings, while a decline in energy shares muted gains in the Standard & Poor’s 500 Index.
Meanwhile, the 1.1 percent drop in Boeing shares also weighed on the Dow and restricted S&P 500 gains.
“It just proves the US market continues to be resilient in the face of what seems like an endless list of global worries”, said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.
The enervating tug of war that has resulted in one of the narrowest 6 month S&P 500 trading ranges on record has kept the Bearish camp vocal over the past few months. The S&P 500 gained 16.89 points, or 0.8%, to 2,124.29.
The Dow is up 326.94 points, or 1.8 percent. Full-year earnings guidance was increased to $6.05 to $6.15 a share, increasing the lower-end of its outlook from $6.
The S&P has surged nearly 4 percent from eight days ago, when widespread fears aboutGreece and a Chinese stock selloff pushed the index to its lowest level since March.
The Nasdaq composite closed at a record high on Thursday, boosted by strong results from tech companies such as Netflix and ebay. Chalk it up to the blow-out earnings from tech giants like Netflix (NFLX) and Google (GOOGL), which posted double-digit gains following their releases.
The dollar was on track for its biggest weekly gain in two months on Friday as investors refocused on the chance of the rate hike.
Strong US consumer price index data, rebounding housing starts and surging building permits bolstered expectations that the Federal Reserve was moving closer to hiking interest rates, which buoyed the dollar.