U.S. stocks climbed on Friday, reversing a three-day sell-off on the deepening Libyan crisis, as oil prices appeared to have stabilized after Saudi Arabia increased its oil output.
However, equities dropped for the week and delivered their worst weekly performance since last November. Moreover, trading volume was very weak, suggesting a continued rally next week.
For Friday alone, The Dow Jones Industrial Average gained 61.95 points, or 0.51 percent, at 12,130.45. The S&P 500 Index climbed 13.78 points, or 1.06 percent, to 1,319.88. The Nasdaq Composite Index added 43.15 points, or 1.58 percent, to 2,781.05.
For the week, the Dow fell 2.1 percent, the S&P 500 lost 1.7 and the Nasdaq dropped 1.9 percent.
The U.S. Bureau of Economic Analysis reported real gross domestic product increased at downwardly revised an annual rate of 2.8 percent in the fourth quarter (down from the previous 3.3 percent increase).
Boeing (NYSE: BA) jumped 2.18 percent after the aerospace companywon a $35 billion tanker contract from the Air Force late yesterday.
Autodesk Nasdaq: ADSK) surged 5.74 percent after the company posted a 23 percent rise in earnings.
Oil futures climbed more than 1 percent in New York to finish at $98.31 per barrel, but that is below the highs from earlier this week on fears of a disruption of Libyan oil.
Bonds edged up as the yield on the benchmark 10-year U.S. Treasury slipped to 3.43 percent.