Stocks move higher in early trade; Nike jumps

NEW YORK (AP) — U.S. stocks are moving higher in early trading as investors welcomed some positive news on the U.S. economy.

Nike jumped 10 percent after its earnings rose sharply, and Janus Capital Group soared 37 percent after announcing it had hired star bond fund manager Bill Gross.

The government reported that the U.S. economy expanded at the fastest in more than two years this spring.

The Dow Jones industrial average rose 73 points, or 0.4 percent, to 17,018 as of 9:37 a.m. Eastern Friday. The Dow slumped 264 points the day before.

The Standard & Poor's 500 rose four points, or 0.2 percent, to 1,970.

The Nasdaq composite rose 18 points, or 0.4 percent, to 4,485.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.52 percent.