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.
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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 (NASDAQ:BBRY) posted a substantially wider-than-expected quarterly loss, and revealed a deal with manufacturing giant Foxconn to make cheaper devices. Jones Group (NYSE: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.