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Stocks rise sharply on solid corporate earnings

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By Associated Press

Stocks rose sharply early Friday after several big U.S. companies reported solid third-quarter earnings. The Dow Jones industrial average jumped 200 points.

Fast-food giant McDonald's Corp. rose 3.3 percent, the most of any stock in the Dow, after reporting a 9 percent increase in income. The results beat analysts' expectations and marked the ninth straight quarter of gains.

Chipotle Mexican Grill Inc. rose 5 percent after reporting a 25-percent jump in third-quarter income. The fast-casual chain raised prices, sold more burritos and opened new stores.

Harman International Industries Inc. leaped 11 percent, the most in the Standard & Poor's 500, after the audio equipment maker's income came in far ahead of analysts' expectations.

The Dow rose 204 points, or 1.8 percent, to 11,746 at 10:30 a.m. Eastern time. The Standard & Poor's 500 index rose 22, or 1.8 percent, to 1,237. The Nasdaq composite index rose 44, or 1.7 percent, to 2,642.

The rally pushed the Dow and the S&P higher for the week. They opened lower for the week Friday, after rising for the previous two. The Dow is now up 0.9 percent for the week, the S&P 1.1 percent. If the S&P closes the week higher, it will be the first three-week winning streak in eight months.


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