Double Barrel Rally for Stocks

Meanwhile, Prudential Equity upgraded Texas Instruments(TXN Quote) to overweight from neutral, and also raised its semiconductor sector rating to favorable from unfavorable. The broker said improving margins, revenue growth and lower inventories helped fundamentals. Shares of Texas Instruments rose $1.67, or 7.2%, to $24.80.

The Philadelphia semiconductor index, which dropped 1.3% Thursday, gained 4.4%, with all 20 components finishing higher for the session.

OfficeMax(OMX Quote) rose 3% after UBS initiated coverage with a buy rating. The broker feels there is an opportunity for the company to close the gap with rivals Staples(SPLS Quote) and Office Depot(ODP Quote). OfficeMax finished up 91 cents to $30.95.

Overseas markets closed mixed, with London's FTSE 100 finishing up 0.7% to 4941 and Germany's Xetra DAX adding 1.3% to 4339. In Asia, Japan's Nikkei fell 0.2% overnight to 11,389, while Hong Kong's Hang Seng lost 0.3% to 13,515.