SAN FRANCISCO (MarketWatch) — Intel Corp. on Friday said its board of directors has approved a plan to increase the company’s quarterly dividend by 15%.

Shares of Intel INTC, +0.71% , part of the Dow Jones Industrial Average DJIA, +0.06% , traded up 1.5% to close at $21.53.

The board’s move would raise Intel’s quarterly dividend to 18 cents a share, starting with the dividend to be declared in the first quarter of 2011.