U.S. stocks rose Friday, setting up the Dow Jones Industrial Average for its longest weekly winning streak in six months and the Nasdaq Composite's biggest weekly percentage gain since mid-2009.

The Dow Jones Industrial Average was up 113 points, or 1%, at 11591 recently. The measure moved into positive territory for the year in early trading and is also set up for its biggest weekly point and percentage gain in about a month. The measure hasn't strung together three straight weekly gains since the three-week period ending April 8.

The Standard & Poor's 500-stock index gained 15 points, or 1.2%, to 1218, with energy, material and technology stocks in the lead. The Nasdaq Composite advanced 33 points, or 1.3%, to 2653, pushing into positive territory for the year and heading for a weekly gain that would also be its largest in point terms since October 2008.

Investors digested mostly positive mix of economic data. The Thomson Reuters/University of Michigan consumer sentiment index for early October fell unexpectedly and undershot economists' forecasts, but retail sales data was strong. Stellar results from Google helped set the positive tone in technology stocks.

"You've got this dichotomy. The big-picture bad news still exists. But you've got earnings underway and technology continues to come in positively," said Jenkins Marshall, managing director at Knight Capital. "The rubber band is very stretched to the upside."

Investors continued to dial down their fear of Europe's sovereign-debt crisis. There was optimism over a weekend meeting of the finance officials from the world's leading economies, which helped offset the Standard & Poor's downgrade of Spain and Fitch Ratings' negative outlook on several banks.

"Not every chapter has been written on the European sovereign-debt crisis [but] it feels like the market is starting to get comfortable," said Jason Lilly, director of portfolio management at Rockland Trust.

Google jumped 5.8% after the online search giant reported third-quarter earnings that beat expectations by a wide margin. Revenue also topped forecasts as online ad sales accelerated.

In other corporate news, Apple gained 2.7% as the latest version of the iPhone, the iPhone 4s, arrives at retail stores on Friday.

J.B. Hunt Transport Services added 7.7%. The trucking company's third-quarter profit rose 32% and revenue grew across the board, with particular strength in the company's intermodal division.

Mattel shed 1.2% after the toy maker reported third-quarter earnings that met estimates but showed a disappointing decline in gross margins. The company also boosted its share repurchase program by $500 million.

Microchip Technology lost 5.4%, and was the weakest stock in the S&P 500, after the company indicated fiscal second-quarter earnings and revenue would fall short of previous forecasts.

-By Brendan Conway, Dow Jones Newswires; (212) 416-2670; brendan.conway@dowjones.com

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