(By Salman - iStockAnalyst Writer)US stocks finished higher on Thursday as investors snapped up energy stocks amid hopes of economic recovery.
The Dow Jones Industrial Average rose 96.53 points or 1.15% to finish at 8,500.33. The S&P 500 gained 12.31 points or 1.36% to end at 919.14. The Nasdaq Composite climbed 22.54 points or 1.29% to 1,774.33.
According to Commerce Department, US economy contracted at a revised 5.7% annual rate in the first quarter, after shrinking 6.3% in the fourth quarter. Economists expected the economy to contract at an annualized pace of 5.5%.
The University of Michigan/Reuters consumer sentiment index rose to 68.7 from 65.1 in April. Economists had projected a reading of 68.
Shares of the Coca Cola (NYSE:
KO) jumped $226 or 4.82% to $49.16.
Caterpillar (NYSE:
CAT) increased 87 cents or 2.52% to $35.46.
Merck & Co. (NYSE:
MRK) surged 81 cents or 3.03% to $27.58.
Energy stocks settled higher. Chevron Corp. (NYSE:
CVX) advanced $1.24 or 1.92% to $65.81.Exxon Mobil (NYSE: XOM) increased 12 cents or 0.17% to $69.35.
Among financials, shares of American Express (NYSE:
AXP) surged 80 cents or 3.40% to $24.30.Wells Fargo & Co.(NYSE: WFC) gained 73 cents or 2.95% to $25.50.
Early on Friday Tiffany (NYSE:
TIF) said that its first-quarter net income plunged 62% to $24.3 million, or 20 cents a share, from $64.4 million, or 50 cents a share, in the year ago quarter. Revenue decreased 22% to $523.1 million. Tiffany rose 24 cents or 0.85% to $28.37.
Late on Thursday, PC maker Dell Inc. (NASDAQ:
DELL) announced that net income plunged to $290 million, or 15 cents a share, compared with earnings of $784 million, or 38 cents a share, in the prior year ago quarter. Revenue tumbled 23% to $12.3 billion.
