NEW YORK (Reuters) - U.S. stocks rose on Friday as surging oil prices pushed energy shares higher and fresh economic data suggested key parts of the economy could be stabilizing.The U.S. factory sector contracted further in April, but at a slower pace, while consumers reported feeling more confident about the economy last month than at any time since September when Lehman Brothers collapsed, paralyzing the global financial system.
Exxon Mobil Corp (XOM.N) rose 2 percent to end at $68.01 and the S&P energy index .GSPE gained 3 percent after crude oil futures settled above $53 a barrel.
"The energy stocks, if you can determine the word cheap, are reasonably priced," said Carl Birkelbach, chairman and CEO of Birkelbach Investment Securities in Chicago.
"If the economy is going to turn, which is what the market, the Fed and Obama are telling us, then naturally energy prices should go back up again," he said.
The Dow Jones industrial average .DJI gained 44.29 points, or 0.54 percent, to 8,212.41 points. The Standard & Poor's 500 Index .SPX rose 4.71 points, or 0.54 percent, to 877.52. The Nasdaq Composite Index .IXIC edged up 1.90 points, or 0.11 percent, to 1,719.20 points.
For the week, the Dow rose 1.7 percent, the S&P gained 1.3 percent and the Nasdaq ended up 1.5 percent.
The Nasdaq's gains marked the eighth straight weekly advance for the index, it's longest streak since December 1999. more...
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