U.S. stocks surge in afternoon trading

NEW YORK - 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 (NKE), which reported higher earnings.

With a little under an hour of trading left the Dow was up 182 points to 17,128 Friday afternoon.

The Standard & Poor's 500 rose 18 points to 1,984. The Nasdaq rose 44 points to 4,511.

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.