US Markets
CNBC.com
U.S. stocks rose sharply on Friday, rebounding after Wall
Street's hardest knock in nearly two months, as the government raised
its estimate of economic growth in the second quarter and consumer
sentiment rose in September.
"We're rallying because we're oversold on the week
and because we're wrapping up a quarter and a month, so there's a lot
of position squaring," said Art Hogan, chief market strategist at
Wunderlich Securities.
Nike gained, a day after the athletic-apparel company reported first-quarter profit that beat expectations; BlackBerry rose after the Canadian smartphone maker posted a smaller quarterly loss and its CEO projected the tech company would double its software revenue next year; Janus Capital Group surged on news that Bill Gross is leaving Pacific Investment Management Co., the investment firm he co-founded, and would be joining Janus Capital.
Read MoreMidday movers: Apple, RadioShack, Shutterfly & more
"If the economy continues to gain additional momentum, any surprises we get to earnings would be to the upside," said Bruce Bittles, chief investment strategist at RW Baird & Co.
Data from the Commerce Department had gross domestic product increasing at a revised 4.6 percent annualized rate, up from the prior estimate of 4.2 percent, and in line with expectations.
Read MoreUS economy expanded at fastest rate in nearly three years last year
The Thomson Reuters/University of Michigan's final read on consumer sentiment climbed to 84.6 in September from 82.5 the month before.
Read MoreConsumer sentiment rises to 14-month high
Nike gained, a day after the athletic-apparel company reported first-quarter profit that beat expectations; BlackBerry rose after the Canadian smartphone maker posted a smaller quarterly loss and its CEO projected the tech company would double its software revenue next year; Janus Capital Group surged on news that Bill Gross is leaving Pacific Investment Management Co., the investment firm he co-founded, and would be joining Janus Capital.
Read MoreMidday movers: Apple, RadioShack, Shutterfly & more
"If the economy continues to gain additional momentum, any surprises we get to earnings would be to the upside," said Bruce Bittles, chief investment strategist at RW Baird & Co.
Data from the Commerce Department had gross domestic product increasing at a revised 4.6 percent annualized rate, up from the prior estimate of 4.2 percent, and in line with expectations.
Read MoreUS economy expanded at fastest rate in nearly three years last year
The Thomson Reuters/University of Michigan's final read on consumer sentiment climbed to 84.6 in September from 82.5 the month before.
Read MoreConsumer sentiment rises to 14-month high
After a 198-point jump, the Dow Jones Industrial Average was more recently up 193.04 points, or 1.1 percent, at 17,138.84, with Nike leading blue-chip gains that extended to 28 of 30 components.
The S&P 500 added 19.37 points, or 1 percent, to 1,985.36, with technology and financials the best performing and all 10 main industry groups in the green.
The Nasdaq gained 47.36 points, or 1.1 percent, to 4,414.11.
The Russell 2000 also gained, denting a weekly drop that currently stood at 2.7 percent. The index of smaller companies had led the broad market declines in play three out of five sessions this week.
"Any further deterioration in the small-cap stocks from here would be a negative and set up some real divergences," said RW Baird's Bittles.
For every share falling, nearly three gained on the New York Stock Exchange, where 356 million shares traded as of 2:45 p.m. Eastern. Composite volume approached 2 billion.
The yield on the 10-year Treasury note used to determine mortgage rates and other consumer loans rose 3 basis points to 2.534 percent.
The dollar rose and commodities priced in the U.S. currency were mixed, with oil futures up 86 cents, or 0.9 percent, at $93.39 a barrel and gold futures down $6.50, or 0.5 percent, to $1,215.50 an ounce on the New York Mercantile Exchange.
U.S. stocks declined on Thursday, with the benchmark indexes recording their worst session since July 31, as Apple tumbled on glitches tied to its new smartphone and as investors considered a proposal in Russia that would let its courts seize foreign assets.
Read More Worst day for stocks in nearly two months; Apple hit
"I thing we would have been better off if we'd had a correction this year of 10 percent or so, it would have squeezed out a lot of the excess speculation," said Bittles.
The dollar rose and commodities priced in the U.S. currency were mixed, with oil futures up 86 cents, or 0.9 percent, at $93.39 a barrel and gold futures down $6.50, or 0.5 percent, to $1,215.50 an ounce on the New York Mercantile Exchange.
U.S. stocks declined on Thursday, with the benchmark indexes recording their worst session since July 31, as Apple tumbled on glitches tied to its new smartphone and as investors considered a proposal in Russia that would let its courts seize foreign assets.
Read More Worst day for stocks in nearly two months; Apple hit
"I thing we would have been better off if we'd had a correction this year of 10 percent or so, it would have squeezed out a lot of the excess speculation," said Bittles.
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