FOX Business: Capitalism Lives Here
U.S. equity markets jumped Friday as traders eyed better-than-expected economic data and several reports on major companies.
As of 2:55 p.m. ET, the Dow Jones Industrial Average climbed 97.7 points, or 0.6%, to 16276, the S&P 500 gained 13.1 points, or 0.72%, to 1823 and the Nasdaq Composite climbed 51.8 points, or 1.3%, to 4110.
The S&P 500 has climbed 1.9% this week as traders cheered what they see as mild and even-handed plans to pare back the Federal Reserve's vast bond-purchasing program.
The economic docket is fairly light on the day.
The Commerce Department said the U.S. economy grew at an annual pace of 4.1% in the third quarter, the biggest rise since the fourth quarter of 2011, revised sharply higher than a previous estimate of 3.6%. Economists expected no change to the GDP reading.
On the corporate front, BlackBerry (BBRY) posted a substantially wider-than-expected quarterly loss, and revealed a deal with manufacturing giant Foxconn to make cheaper devices. Jones Group (JNY) shares surged after the apparel maker said it's being bought by Sycamore Partners.
In commodities, U.S. crude oil futures climbed 97 cents, or 0.99%, to $98.77 a barrel. Wholesale New York Harbor gasoline gained 0.33% to $2.749 a gallon. Gold dipped $2.10, or 0.18%, to $1,192 a troy ounce.