1st LD Writethru: U.S. stocks extend gains on GE restructuring deal, global rallies

U.S. stocks ended higher Friday, with the Dow Jones Industrial Average closing above 18,000 points for the first time since March 24, boosted by General Electric's restructuring plan and a broad-based stock increase around the world.

The Dow gained 98.92 points, or 0.55 percent, to 18, 057.65. The S&P 500 rose 10.88 points, or 0.52 percent, to 2,102.06. The Nasdaq Composite Index was up 21.41 points, or 0.43 percent, to 4, 995.98.

Before Friday's opening bell, GE said it would 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. 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 10.80 percent to 28.51 dollars apiece Friday.

Meanwhile, Apple's wearable smartwatch becomes available for pre-order Friday, ahead of a release date set for April 24. According to media reports, however, most of the watches won't be available until June, and at least one Apple Watch won't be available until July. Shares of the tech giant rose 0.43 percent to 127.10 dollars apiece.

Adding optimistic sentiment to the market, overseas stock markets staged on a records-set session Friday. European shares posted solid gains amid the weaker euro, with British benchmark FTSE 100 Index rising 1.06 percent to close at a record high of 7, 089.77 points, spurred by a good economic prospect in Britain.

In Asia, Chinese Shanghai Composite Index surged 1.94 percent to 4,034.31 points, above the key mark of 4,000 points at closing for the first time since early 2008.

Japan's benchmark Nikkei index breached the psychologically important 20,000-point line for the first time in 15 years in early trade before ending 0.15 percent lower Friday.

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.

For the week, the Dow and the S&P 500 both rose 1.7 percent, respectively, while the Nasdaq was up 2.2 percent. Endite