Nasdaq reaches 15-year high as markets make big gains

Fortune

(Reuters) – U.S. stocks rose on Friday, pushing the Nasdaq to a 15-year high and helping the S&P 500 snap a three-week string of losses, following a pullback in the dollar, upbeat results from Nike and further biotech gains.

Recent sharp gains in the U.S. dollar have increased worries about the currency’s impact on the earnings of U.S. multinationals. S&P 500 earnings projections for the first quarter and for 2015 have fallen sharply since Jan. 1.

Among early reporters, Nike jumped 3.7% to $101.98 as the biggest boost to the Dow after it posted a quarterly profit that beat market estimates. The world’s largest sportswear maker sold more higher-margin shoes and apparel but warned that the stronger dollar would take a toll on its current quarter.

The Nasdaq biotech index rose for an eighth straight session, gaining 7.4% since March 10. It climbed 0.5% on Friday, powered by a 9.8%…

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