U.S. financial markets moved higher in afternoon trading Friday as investors welcomed the latest financial results from large U.S. companies. The market was on course to recover after slumping a day earlier.
KEEPING SCORE: The Dow Jones industrial average rose 80 points, or 0.5 percent, to 17,057 as of 1:17 p.m. Eastern Time. The Standard & Poor's 500 index rose 14 points, or 0.7 percent, to 1,972. The Nasdaq composite gained 49 points, or 1.1 percent, to 4,413.
GLOBAL CONCERNS: Markets were recovering after stumbling Thursday following the downing of a Malaysian Airlines jetliner in Ukraine and Israel's launch of a ground offensive into Gaza stoked geopolitical uncertainty. The S&P 500 index sank 1.2 percent, its biggest one-day drop since April. All three major stock indexes ended lower for the first time in a week, but remained near record highs and positive for the year.
THE QUOTE: "Clearly the equity market remains remarkably resilient," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. "At present the market is looking through the geopolitical concerns, in part because earnings generally have been pretty favorable."
GOOGLE IT: The Internet giant reported higher quarterly earnings and revenue late Thursday. Google's revenue rose 22 percent even as advertising rates continued to drop. Although Google still makes most of its money from Internet searches, the company is generating more revenue from other sources such as YouTube and its "Play" store that sells applications for devices running its Android software. Google's stock added $18.89, or 3.3 percent, to $599.72.
SWEET RESULTS: Honeywell International added $1.48, or 1.6 percent, to $96.65 after reporting that its income rose sharply in the latest quarter and beat investors' forecasts.
COMFORTING REPORT: Knoll jumped 8.7 percent after the furniture and accessories company reported a boost in second-quarter profit and revenue, exceeding Wall Street expectations. The stock added $1.48 to $18.45.
BEATING THE STREET: Semiconductor company Skyworks Solutions surged 14.2 percent as investors cheered its better-than-expected third-quarter earnings and profit outlook. The stock rose $6.57 to $52.91.
TAKING OFF: Several airline stocks rebounded after tumbling a day earlier following the news of the downed Malaysian Airlines airliner. American Airlines Group rose 91 cents, or 2.2 percent, to $42.61, while Delta Air Lines added 61 cents, or 1.7 percent, to $37.18. United Continental gained 46 cents, or 1.1 percent, to $43.81. Southwest Airlines rose 19 cents, or 0.7 percent, to $27.70.
SECTOR WATCH: The 10 sectors in the S&P 500 rose, led by health care. The sector is up 7.4 percent this year. GameStop notched the biggest gain among the 500 companies in the index, rising $2, or 4.9 percent, to $43.25. NVIDIA fell the most, shedding 78 cents, or 4 percent, to $18.52.
CHIPPED: Advanced Micro Devices sank after the chipmaker issued a revenue outlook for the current quarter that fell short of Wall Street's expectations. The company reported a narrower loss in its second quarter late Thursday. The stock fell 80 cents, or 17.5 percent, to $3.76.
BONDS AND OIL: Bond prices fell. The yield on the 10-year Treasury note rose to 2.49 percent from 2.45 percent late Thursday. Benchmark U.S. crude oil fell 12 cents to $103.06 a barrel on the New York Mercantile Exchange.
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