Stocks run with Nike’s earnings

Major indexes rebound after a turbulentweek as investors hunt for beaten-down bargains.

Good economic and corporate news helped the stock market stage a rebound at the end of a turbulentweek of trading. Nike jumped after turning in higher profits, leading the Dow Jones industrial average higher.

The Standard & Poor’s 500 index, the benchmark for most mutual funds, still lost 1.4 percent for theweek. The biggest drop came Thursday, the worst day for the stock market since July 31.

A steep drop one day often is followed by gains the next as investors hunt for beaten-downstocks. “After yesterday, it’s only normal to get a little bit back because people tend to buy on the dips,” said Jason Pride, director of investment strategy at Glenmede Trust.

TheDowsurged 167.35 points, or 1 percent, to close at 17,113.15 on Friday. The S&P 500 index rose 16.86 points, or 0.9 percent, to 1,982.85, and theNasdaq composite climbed 45.45 points, or 1 percent, to 4,512.19.

The day started with good news. The government reported that theU.S. economy expanded at an annual rate of 4.6 percent in the spring, the fastest pace in more than two years. That was followed by a strong reading of consumer sentiment this month.

Nike jumped 12 percent after reporting that solid sales and lower taxes helped drive its quarterly profit up 23 percent. Both its earnings and revenue beatWall Street’s estimates. Nike’s stock gained $9.75 to $89.50, the largest gain among the 30 big companies in the Dow.

The price of oil increased on expectations of rising demand in theU.S. Benchmark U.S. crude rose $1.01 to close at $93.54 a barrel on theNew YorkMercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, remained unchanged at $97.00 a barrel on the ICE Futures.