US stocks end rocky week with a surge; Nike gains
Source: AP-Excite
By MATTHEW CRAFT
NEW YORK (AP) — Good economic and corporate news helped the stock market stage a rebound at the end of a turbulent week of trading. Nike jumped after turning in higher profits, leading the Dow Jones industrial average higher.
The Standard & Poor's 500 index, the benchmark for most mutual funds, still lost 1.4 percent for the week. The biggest drop came Thursday, the worst day for the stock market since July 31.
A steep drop one day is often followed by gains the next as investors hunt for beaten-down stocks. "After yesterday, it's only normal to get a little bit back because people tend to buy on the dips," said Jason Pride, director of investment strategy at Glenmede Trust.
The Dow surged 167.35 points, or 1 percent, to close at 17,113.15 on Friday. The S&P 500 index rose 16.86 points, or 0.9 percent, to 1,982.85 and the Nasdaq composite climbed 45.45 points, or 1 percent, to 4,512.19.
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FILE - This Jan. 4, 2010 file photo shows an entrance to a Wall Street subway station in New York. Global stocks markets were mostly higher Thursday Sept. 25, 2014 after a surge in new home sales in the U.S. bolstered sentiment. But gains were limited by worries about Europe's stagnant economy and violence in Iraq and Syria. (AP Photo/Mark Lennihan, File)
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