NEW YORK (TheStreet) -- The S&P 500 rebounded to a weekly gain on Friday, after some positive news out of Russia and decent second-quarter earnings deflected from tensions in Middle East.
After a choppy trading week mired by geopolitical worries, the S&P 500 managed to end about a third of a percentage point higher. The index rose 1.15% to 1,931.59 on the day. All 10 sectors finished higher. The Dow Jones Industrial Average bounced back by 1.13% to 16,553.93. The Nasdaq advanced 0.83% to 4,370.90.
Russia said late Friday that it was ending military drills near the Ukrainian border, a refreshing headline after trade wars escalated between Russia and the West. Thomson Reuters reported that 67% of the 443 companies in the S&P 500 that have reported second-quarter earnings have beat expectations, vs. 63% in a typical quarter since 1994. The U.S. has reportedly launched another round of airstrikes against extremist militants who have seized Iraq's largest dam and have threatened the lives of Americans and citizens across the country.
The Labor Department said Friday that U.S. workers were more productive in the second quarter and labor costs rose slightly, a sharp turnaround from grim first-quarter figures. The Commerce Department said wholesale inventories rose 0.3% in June, the same as in May.
In individual company news, Lululemon Athletica (LULU) founder Dennis "Chip" Wilson said he was selling half of his stock to private-equity firm Advent International. Lululemon rose 2.77% to $40.11. Zynga (ZNGA) slipped 1.37% to $2.88 after the online game maker reported on Thursday a wider second-quarter loss and its revenue forecast fell short of analysts' estimates. CBS (CBS) rose 4.09% to $59.23 after reporting second-quarter earnings of $439 million, or 76 cents a share, from $472 million, or 76 cents a share, in the year-earlier period.
Shares of Nvidia Corp. (NVDA) were up 8.82% to $19 after the graphics chips maker reported revenue for the second quarter of $1.10 billion, up 13% from $977 million a year earlier and in line with the previous quarter.
--By Andrea Tse in New York