NEW YORK (TheStreet) -- U.S. stocks were rallying into the close Friday, with the Dow Jones Industrial Average
The Dow Jones Industrial Average
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Yahoo! (YHOO) was up 4.26% and AOL (AOL) popped 3.44% after Starboard Value LP announced it had acquired a significant ownership stake in Yahoo! and urged the company to explore a strategic combination with AOL.
Nike (NKE) soared 12.48% after the athletic apparel company -- which has become a bellwether for global consumer strength and economic activity -- stoked investor confidence ahead of the upcoming earnings season. The company posted fiscal first-quarter earnings of $1.09 a share, up from 86 cents a share a year earlier and above analysts' estimates of 88 cents.
Micron Technology (MU) jumped 6.81% after reporting fiscal fourth-quarter earnings and revenue that topped analysts' forecasts.
Struggling smartphone maker BlackBerry (BBRY) rose 4.69% after posting a narrower-than-expected loss of 2 cents a share as the company continues to sharpen its focus on enterprise mobility and security.
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Apple (AAPL) shares were recovering after a pronounced drop on Thursday. The tech giant released a new update late Thursday that the tech giant said would repair the problems caused by software it released Wednesday morning. Shares were up 2.49%.
The U.S. economy expanded by 4.6% in the second quarter, the government said Friday, matching estimates and coming in higher than the prior estimate of 4.2%.
The biggest contributor to the upward revision to overall GDP was business investment, noted Paul Ferley, RBC Economics' assistant chief economist. The growth rate for this component was raised to 9.7% from a previously estimated 8.4%, which added an additional 0.2 percentage points to overall second-quarter GDP growth.
"I would take encouragement from this strengthening in business investment," he said. "It implies businesses are confident enough to spend and invest. This reinforces the impression provided by the sustained solid gains in employment so far this year." Ferley said Friday's GDP numbers are consistent with his view that growth in business investment will rise rise around 6.5% this year and 8% in 2015, up from a 3% gain in 2013.
The final reading on the University of Michigan Consumer Sentiment Index for September held steady at 84.6.
In other news, Pimco founder Bill Gross announced Friday he was resigning from the bond giant and would be joining Janus Capital (JNS) on Monday. Janus surged 37.94% in late Friday afternoon.
GM (GM) gained 1.06% after Standard & Poor's raised its debt rating on the automaker to investment grade.