US stocks surge in afternoon trading; Nike jumps

NEW YORK (AP) — U.S. stocks are surging in afternoon trading, gaining back most of a slump from the day before.

The Dow Jones industrial average surged as much as 200 points, led by a big gain in Nike, which reported higher earnings.

With a little over an hour of trading left the Dow was up 195 points, or 1.2 percent, to 17,141 Friday afternoon.

The Standard & Poor's 500 rose 19 points, or 1 percent, to 1,985. The Nasdaq rose 46 points, or 1 percent, to 4,512.

Traders were encouraged by a government report that the U.S. economy expanded at the fastest pace in more than two years this spring.

The surge comes at the end of a roller-coaster week for the market. The Dow is still down 0.8 percent for the week.