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Stock Market Today: Stocks Rebound Despite Geopolitical Unrest

NEW YORK (TheStreet) -- Major U.S. stock averages were rising Friday as investors bought equities following the prior session's geopolitical risk-driven pullback.

The Dow Jones Industrial Average was up 0.57% to 17,074.18. The S&P 500 was up 0.75% to 1,972.91. The Nasdaq was up 1.15% to 4,413.75.

Benchmark stock indices slid into the close Thursday after the markets were rattled by news that a Malaysia Airlines jet was shot down over Eastern Ukraine, killing all 298 people on board. European markets were playing catch-up Friday, tracing New York and Asia down.

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Bloomberg reported that U.S. military and intelligence officials are saying that the plane appears to have been downed by a Russian-made, air-defense missile known as the SA-11 or Buk. As Russia and Ukraine continued to blame one another for the tragedy, it remains unconfirmed who fired the missile at the airliner or whether those responsible knew they were shooting at a commercial flight, Bloomberg reported.

Adding to market stressors is Israel's launch of a ground invasion of Gaza. Israeli troops and heavy equipment have been rolling across the border with the aim of destroying Hamas infrastructure.

U.S. economic indicators scheduled for Thursday include July's University of Michigan Consumer Sentiment Index at 9:55 a.m. EDT, and the Conference Board's Index of Leading Indicators for June at 10 a.m.

Corporate headlines Thursday include companies such as AbbVie (ABBV - Get Report), Shire (SHPG), Google's (GOOGL), General Electric (GE - Get Report), IBM (IBM), Apple (AAPL), and Amazon (AMZN).

AbbVie, the U.S. drugmaker, reached a deal to buy Irish pharmaceutical firm Shire for almost $55 billion. AbbVie was up 2.4% to $54.80, while Shire climbed 1.8% to $258.08.

Google's second-quarter adjusted earnings of $6.08 a share missed analysts' forecasts but revenue rose 21.7% from a year earlier to $15.96 billion. Analysts expected revenue of $15.61 billion. Shares were popping 3.1% to $598.56.

General Electric was off 0.79% to $26.40 after reporting on Friday second-quarter earnings of 39 cents a share on revenue of $36.2 billion.

IBM said second-quarter profit rose 28% and topped analysts' expectations. Shares were down 0.25% to $192.

Apple shares were up 1% to $94.01 as it appointed Susan Wagner, a founding partner of money manager BlackRock, as a director, replacing Bill Campbell, who sat on the board of the iPhone maker for 17 years.

Amazon shares were also gaining ground after the online retail giant introduced "Kindle Unlimited" on any device for $9.99 a month. The stock added 1.6% to $357.91.

-- Written by Andrea Tse and Keris Alison Lahiff in New York

Follow @AndreaTTse

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