U.S. stocks jump on GE deal

U.S. stocks extended gains in the morning session Friday, with the Dow Jones Industrial Average touching 18,000 points for the first time in April, as General Electric's restructuring plans buoyed investor sentiment.

At midday, the Dow gained 74.41 points, or 0.41 percent, to 18, 033.14. The S&P 500 rose 8.44 points, or 0.40 percent, to 2,099.62. The Nasdaq Composite Index increased 14.48 points, or 0.29 percent, to 4,989.04.

Before Friday's opening bell, GE said it will create a simpler, more valuable company by reducing the size of its financial businesses through the sale of most GE Capital assets and by focusing on continued investment and growth in its world-class industrial businesses.

The GE board has also authorized a new repurchase program of up to 50 billion U.S. dollars in common stock, excluding the Synchrony exchange. GE expects to reduce its share count to 8-8.5 billion by 2018.

"This is a major step in our strategy to focus GE around its competitive advantages," GE Chairman and CEO Jeff Immelt said. "GE today is a premier industrial and technology company with businesses in essential infrastructure industries. These businesses are leaders in technology, the Industrial Internet and advanced manufacturing."

GE shares soared 7.50 percent around midday Friday.

Meanwhile, Apple's wearable smartwatch becomes available for pre-order on Friday, ahead of a release date set for April 24. Shares of the tech giant inched down 0.21 percent around midday.

On the economic front, U.S. import prices fell 0.3 percent in March following a 0.2-percent upturn in the previous month, said the U.S. Labor Department Friday. The price index for U.S. exports ticked up 0.1 percent, after declining 0.2 percent in February. Endite