(CNBC) U.S. stocks rose sharply on Friday, cutting losses for the week, after the government raised its estimate of economic growth in the second quarter and consumer sentiment rose in September.
"We're rallying because we're oversold on the week and because we're wrapping up a quarter and a month, so there's a lot of position squaring," said Art Hogan, chief market strategist at Wunderlich Securities.
Nike gained, a day after the athletic-apparel company reported first-quarter profit that beat expectations; BlackBerry rose after the Canadian smartphone maker posted a smaller quarterly loss and its CEO projected the tech company would double its software revenue next year; Janus Capital Group surged on news that Bill Gross is leaving Pacific Investment Management Co., the investment firm he co-founded, and would be joining Janus Capital.
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"If the economy continues to gain additional momentum, any surprises we get to earnings would be to the upside," said Bruce Bittles, chief investment strategist at RW Baird & Co.
