US stocks rose on Friday after a higher profit forecast by Microsoft Corp lifted all three major indexes, and an upbeat outlook by lender Countrywide Financial Corp stemmed fears of financial-sector losses.
Microsoft lifted its full-year forecasts late on Thursday and reported quarterly profit that beat analysts' expectations, sending shares of the world's largest software maker up as much as 12.6 percent. Countrywide, the largest US mortgage lender, said the housing slump led to a $1.2 billion third-quarter loss, but it forecast a profit in the fourth quarter as it slashes jobs.
The Dow Jones industrial average was up 71.53 points, or 0.52 percent, at 13,743.45. The Standard & Poor's 500 Index was up 11.86 points, or 0.78 percent, at 1,526.26. The Nasdaq Composite Index was up 35.48 points, or 1.29 percent, at 2,786.34.
Shares of Microsoft jumped 9.2 percent to $34.93 on Nasdaq. Earlier, the stock hit $36.03, its highest since July 2001. Countrywide's stock shot up 17.1 percent to $15.29 on the New York Stock Exchange.
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