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Stocks Rally, Reversing a Slump, as Earnings Give a Jolt

The benchmark 10-year Treasury was rising 3/32, diluting the yield to 1.971%. The dollar was up 0.1%, according to the U.S. dollar index.

In corporate news, United Airlines (UAL) said Thursday it would delay the grounded Boeing (BA - Get Report) 787 Dreamliner from flying any routes through June 5, and it postponed a new Denver-to-Tokyo flight. United Airlines shares increased 1.7%, while Boeing ticked up 0.9%.

KKR (KKR) submitted a $75-a-share offer for industrial machinery maker Gardner Denver (GDI). KKR gained 2.3%, while Gardner Denver popped 5%.

Abercrombie & Fitch (ANF) reported earnings on Friday of $1.95 a share on revenue of $1.47 billion. Analysts forecast the clothing retailer would post fourth-quarter earnings of $1.96 a share on revenue of $1.49 billion. Shares of the company tumbled 4.5%.

Texas Instruments (TXN) increased its quarterly dividend by 33% to 28 cents a share and said it planned to buy back $5 billion of its stock. The chipmaker's shares climbed 5.2%.

A Securities and Exchange Commission filing showed new Citigroup (C - Get Report) CEO Michael Corbat received pay of $11.5 million in 2012. Shares of the company rose 1% on Friday.

Charter Communications (CHTR) reported a fourth-quarter loss of 41 cents a share on revenue of $1.91 billion, which was a 4.3% increase from a year earlier. Analysts had been expecting the cable company to post a loss of 28 cents a share on revenue of $1.91 billion. Shares popped 10%.

-- Written by Joe Deaux in New York.

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Chart of I:DJI
DOW 16,776.43 +304.06 1.85%
S&P 500 1,987.05 +35.69 1.83%
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