US markets move higher on stable yuan

(Close): US markets rose steadily though the day encouraged by signs of stability in the Chinese currency, the yuan.

The market has fretted all week over the falling Chinese currency which seemed to indicate weakness throughout the economy.

But the currency stabilised on Friday at around 6.391 yuan to the dollar, close to Thursday's closing price.

The Dow index rose 69.15 points, or 0.4%, to end at 17,477.40.

Shares in the department store chain Nordstrom rose 4.2% after it reported strong earnings.

Several analysts raised their forecasts for the company's share price.

Rival J.C. Penney reported a loss for the last quarter but it was an improvement on what most analysts had been expecting and the shares rose 5.58% as a result.

However shares in the women's apparel retailer, Christopher & Banks, collapsed 48% after it missed its profits forecasts and said it was conducting a review of its business and had engaged an external consultant.

The Nasdaq rose 14.68 points, or 0.3% to 5,048.24. while the broader based S&P 500 climbed 8.15 points, or 0.4% to 2,091.54.

The oil price rose slightly on Friday morning, but at just over $42 for a barrel of West Texas Intermediate crude, the price is close to levels seen during the height of the financial crisis.

Oil companies fell. Exxon was the biggest loser on the Dow index falling more than 0.3%.

Shares in King Digital, the creator of Candy Crush Saga, slumped almost 11% and restaurant group El Pollo Loco plunged 20% on the Nasdaq, a day after both companies reported disappointing quarterly results.