U.S. stocks advanced, snapping three consecutive days of losses, as shares of Boeing (NYSE:BA) surged and easing fears over supply helped crude-oil prices stabilize.
The Dow Jones Industrial Average rose 47 points, or 0.4%, to 12116. Boosting the measure, Boeing climbed 2.3% after the Air Force awarded a $30 billion tanker deal to the company late Thursday.
Intel (NASDAQ:INTC) was also strong, rising 2.8%.
Stocks rebounding as oil flattens as investors catch their breath. GDP revision comes in weak, and the economy still faces a nasty mix of headwinds. Kathleen Madigan, Kristina Peterson and Paul Vigna report.
The Nasdaq Composite climbed 1.2% to 2770. The Standard & Poor's 500-stock index gained 0.8% to 1316.
Helping to end the market's streak of losses, crude-oil futures stabilized as worries faded about supply shortages related to the unrest in Libya. Crude-oil prices hovered around $97 a barrel.
"We've seen some decent economic data in the consumer sentiment survey, [and] Saudi Arabia's announcement yesterday that they would meet any oil deficiency seems to have settled the markets quite a great deal," said Michael Farr, president of Farr, Miller & Washington. Investors were still eyeing oil closely for signs that energy costs could filter through in ways the market hasn't yet anticipated, Mr. Farr added.
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