The Nasdaq composite index rose more than 1 percent on Friday as technology shares rallied following a surprise takeover proposal in the sector, positive broker comments and data pointing to strength in consumer spending.

The Dow Jones industrial average was up 58.12 points, or 0.41 percent, at 14,073.24. The Standard & Poor's 500 Index was up 7.32 points, or 0.47 percent, at 1,561.73. The Nasdaq Composite Index was up 30.93 points, or 1.12 percent, at 2,803.13.