[video] Market Hustle: Stocks Gain as Dow Holds 16,000 on Yellen Frenzy

NEW YORK ( TheStreet) -- Major U.S. markets closed higher Friday as the  Dow Jones Industrial Average closed above 16,000 for a second day as drugmakers received a boost from government regulators.

The Dow was up 0.34% to close at 16,064.77 while the S&P 500 added 0.5% to finish the week at 1,804.76. The Nasdaq gained 0.6% to 3,991.65. for the week, the S&P and Dow gained 0.37% and 0.65%, respectively while the Nasdaq tacked on 0.14% for the five-day trading period.

Mounting support for Janet Yellen's nomination to head the  Federal Reserve has bolstered prospects that the central bank's massive bond-buying program will continue until the economic recovery is on stronger legs.

In company news, Biogen Idec  (BIIBcleared a critical road block Friday for European launch of Tecfidera after regulators granted market exclusivity to the multiple sclerosis pill in the region. The biotech firm was the top performer in the S&P as shares soared 13.2% to close at $285.73.

Ross Stores (ROST) was the worst performer in the S&P after the company lowered its fourth-quarter forecast for same-store sales to 1% to 2%. Shares of the off-price retailer tumbled 5.7% to $75.67.

In other news, the euro hit a four-year high against the Japanese yen after strong German business sentiment suggested ongoing recovery in Europe's largest economy.

Kansas City Fed President Esther George told a Bank of France conference in Paris that U.S. bank stress tests were a "work in progress" and could be improved by being made more transparent. 

-- By Jane Searle and Joe Deaux in New York

More from Markets

Verizon Proves Resilient in Sell-Off; Decoding the Facebook Short -- ICYMI

Verizon Proves Resilient in Sell-Off; Decoding the Facebook Short -- ICYMI

Three Big Factors That Rocked the Stock Market Tuesday

Three Big Factors That Rocked the Stock Market Tuesday

Dow Tumbles Over 400 Points; S&P 500 and Nasdaq Also Finish Lower

Dow Tumbles Over 400 Points; S&P 500 and Nasdaq Also Finish Lower

Caterpillar Bulldozes Industrial Sector With Bad News on Earnings Call

Caterpillar Bulldozes Industrial Sector With Bad News on Earnings Call

Jim Cramer: If You're Afraid of the 10-Year Yield, Go to Cash

Jim Cramer: If You're Afraid of the 10-Year Yield, Go to Cash