MARKET SNAPSHOT: U.S. Stocks Edge Higher; Nike Rallies

By Anora Mahmudova and Carla Mozee, MarketWatch

NEW YORK (MarketWatch) -- The U.S. stock market moved higher on Friday, as a rout during the previous session inspired buyers looking for bargains, but the main benchmarks are still set to finish the week lower, after a rough week for stocks.

The S&P 500 (SPX) was 6 points, or 0.3%, higher at 1,971.91. The Dow Jones Industrial Average (DJI) jumped 84 points, or 0.5%, to 17,028.34. The Nasdaq Composite (RIXF) gained 19 points, or 0.4%, to 4,486.19.

Data: Helping to hearten markets was news that the U.S. economy in the second quarter matched its best performance since the recession. But whether an accelerated pace of growth in the year ahead can be sustained is still unclear.

The U.S. economy grew at a 4.6% annual pace in the second quarter. The increase in real gross domestic product was revised up from 4.2%, mainly because of higher exports and business investment, the Commerce Department said Friday. The biggest gains came in business investment, a good sign for the economy in the months ahead.

At 9:55 a.m. Eastern, the final print of University of Michigan consumer confidence may dip from a preliminary reading of 84.6. Economists polled by MarketWatch forecast a 84.3 reading.

Apple Inc. shares (AAPL) recovered some of the sharp losses on Thursday as the company tried to calm concerns about its new iPhone 6 Plus bending claims. Shares rose 1.4%.

Apple's product woes added to the overall Thursday selloff on Wall Street. Both the S&P 500 (SPX) and Dow (DJI) suffered their biggest drops since July 31, and the Nasdaq Composite (RIXF) fell 1.9%. The benchmarks are each on track for weekly losses of at least 1.9%.

Markets also are weighing stunning news that Bill Gross, founder is leaving the firm he founded, to join Janus Capital.

Stocks to watch: Nike (NKE) shares jumped 10% after the athletic apparel and gear maker late Thursday posted better-than-expected quarterly earnings.

Finish Line (FINL) reported that its profit fell 1.3%, hampered by rising expenses. Shares sank 10%.

Chiquita Brands International (CQB) and Fyffes PLC agreed to revised terms of a merger plan under which Chiquita would have a greater share of the combined company.

Chip maker Micron (MU) gained 6.8% after fourth-quarter results topped Wall Street's estimates late Thursday. For more on today's movers, read our Mover & Shakers column.

Other markets: Overnight, Australia's S&P/ASX 200 erased its gains for the year, keying off Wall Street's selloff and a slump in iron-ore prices. European stocks were higher, but major benchmarks were still on track for weekly losses.

Gold futures (GCZ4) turned down nearly $3 an ounce while oil futures(CLX4) headed slightly higher.

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