Stocks rose after fresh data portrayed surprising US economic strength, diminished the earnings growth concerns dogging the market in recent months and drove the Dow Jones industrial average into positive ground for the year.

The gains were widespread, with technology, biotech, financial and consumer stocks in the lead. For the week, the Dow was up 2.2 per cent, the third up-week in a row, the Nasdaq fell 4 per cent, and S&P 500 edged up 0.8 per cent.

The first-quarter GDP grew at a stronger-than-forecast 2 per cent annual rate boosted by stronger consumer spending. GDP picked up speed from 1 per cent in the final quarter last year, and blew past forecasts for a 1.1 per cent growth rate. Cosmetics giant Avon Products Inc. climbed $2.56, or 6.7 per cent, to $40.96, after reporting earnings at the high end of Wall Street expectations.