Wall Street shrugs off growth fears

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(Close): US shares closed higher on Friday after a turbulent week of trading.

The S&P 500 rose 23.98 points, or 1.29%, to 1,886.7, and the Nasdaq added 41.05 points, or 0.97%, to 4,258.44.

The gains came at the end of a week dominated by weak US economic data, fears over Chinese economic growth and fresh concerns about the eurozone.

General Electric rose 2.35% after reporting third-quarter results that beat analysts' forecasts.

Wall Street opened in positive territory and stayed that way all day. Morgan Stanley, up 2%, was another strong riser after reporting a big jump in profits.

"The fear factor is beginning to diminish and investors are beginning to focus on earnings," said Peter Cadillo, chief market economist at Rockwell Global Capital.

On Wednesday, US stock were down nearly 10% from their peaks last month. Markets steadied on Thursday, and staged a partial recovery on Friday.