U.S. stocks closed higher Friday, after the government raised its estimate of economic growth in the second quarter and consumer sentiment rose in September.
In U.S. economic news, data from the Commerce Department had gross domestic product (GDP) increasing at a revised 4.6 percent annualized rate, up from the prior estimate of 4.2 percent, and in line with expectations. The Thomson Reuters/University of Michiganâ€™s final read on consumer sentiment climbed to 84.6 in September from 82.5 the month before.
In corporate news, 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 chief executive 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, the investment firm he co-founded, and would be joining Janus Capital.
The dollar rose against currencies of major trading partners. Light sweet crude oil for November delivery gained $1.01 to $93.54 a barrel on the New York Mercantile Exchange. Gold futures dropped $6.50 to $1,215.40 an ounce.
The Dow Jones industrial average climbed 167.35, or 1 percent, to 17,113.15. The broader Standard & Poorâ€™s 500 index added 16.86, or 0.9 percent, to 1,982.85. The technology-heavy Nasdaq composite index moved up 45.45, or 1 percent, to 4,512.19.