Stocks rise following strong jump in consumer sentiment

Stocks rose on Friday after an unexpectedly strong jump in consumer sentiment helped lift investors' hopes for a US recovery from recession in 2002.

For the week, blue-chips and the broad market gained, but technology stocks fell.

While government reports showed the economy shrank more than expected in the third quarter and Americans curbed their spending in November, investors focused on a closely watched gauge of consumer sentiment, analysts said.

For the week, the Dow rose 2.3 per cent, the S&P 500 was better by 1.9 per cent, but the Nasdaq gave up 0.4 per cent.

Year-to-date, the Nasdaq is off 21.2 per cent, the Dow has fallen 7 per cent and the S&P 500 is down 13.3 per cent.

Among individual stocks, Nike Inc, the world's largest maker of athletic shoes and clothing, said it expected modest earnings and revenue growth for the balance of its 2002 fiscal year.

Nike jumped $2.51, or 4.7 per cent, to $56.30.