US stocks surge in afternoon trading; Nike jumps

NEW YORK (AP) — U.S. stocks are surging in afternoon trading, gaining back most of a slump from the day before.

The Dow Jones industrial average surged as much as 200 points, led by a big gain in Nike, which reported higher earnings.

With a little over an hour of trading left the Dow was up 195 points, or 1.2 percent, to 17,141 Friday afternoon.

The Standard & Poor’s 500 rose 19 points, or 1 percent, to 1,985. The Nasdaq rose 46 points, or 1 percent, to 4,512.

Traders were encouraged by a government report that the U.S. economy expanded at the fastest pace in more than two years this spring.

The surge comes at the end of a roller-coaster week for the market. The Dow is still down 0.8 percent for the week.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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