Stock Market Today: Stocks Surge as Nike Bodes Well for Earnings Season

NEW YORK (TheStreet) -- U.S. stocks were rallying into the close Friday, with the Dow Jones Industrial Average   surging nearly 200 points and bouncing back from its worst one-day drop since July 31 on a string  of upbeat earnings and the upward revision to U.S. growth.

The Dow Jones Industrial Average  jumped 1.02%, but was on track for a 0.93% decline for the week. The S&P 500  gained 0.87%, heading for a more than 1% weekly loss. The Nasdaq  was higher by 0.97%, but also looking to end the week lower by over 1%.

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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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