Updated from 4:02 p.m. EDT

A week of violent swings closed with a bang Friday as stocks soared on robust third-quarter economic growth that overwhelmed news of an indictment in the Bush administration.

The Dow Jones Industrial Average shot up 172.82 points, or 1.69%, to 10,402.77, marking the fifth time in seven sessions the blue-chip gauge has swung more than 100 points. The Dow lost 115 points on Thursday and gained 170 points on Monday. It was the largest single-session point gain for the Dow since April 21.

The S&P 500, meanwhile, added 19.51 points, or 1.65%, to 1198.41. The Nasdaq Composite, which shed 1.7% on Thursday, rose 26.07 points, or 1.26%, to 2089.88.

Hewlett-Packard ( HPQ) was the Dow's best gainer, up 4.3%, while IBM ( IBM) was the only laggard, down 1.1%.

For the week, the Dow gained 1.83%, the S&P 500 added 1.59%, and the Nasdaq rose 0.37%.

Away from stocks, drama unfolded in the nation's capital, where special prosecutor Patrick Fitzgerald brought a five-count indictment against Lewis Libby, Vice President Dick Cheney's chief of staff. The charges involve perjury for making false statements to a grand jury regarding possible intelligence leaks by members of the Bush administration. Libby resigned after the indictment.

"The volatility has been phenomenal for the last week, and today is no different," said Barry Hyman, equity market strategist with Ehrenkrantz King Nussbaum. "We had a lot of great drivers, with economic data and the indictment of just one person. The market was worried about Cheney and Karl Rove."

To some observers, big moves in the last week of October smack of selling by institutional managers hoping to pare their clients' tax obligation.

"It's year-end for most mutual funds so they sell off their losses," said Brian Williamson, an equity trader with Boston Company Asset Management. "You can't prove it, but you can postulate it. There's probably a good deal of truth to it. The market bouncing up and down is a result of all that."

In other markets, the 10-year Treasury bond was down 4/32 in price to yield 4.57%, while the dollar was lower against the yen and euro.

"If there's any hope at all for the bulls, it lies with the bond market," said Ken Tower, chief market strategist with CyberTrader. "Two days ago interest rates gapped higher. If something happens to change that direction, something that would cause rates to gap lower, it would ... offer some hope for the stock market."

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