NEW YORK, Aug. 8 (Xinhua) -- U.S. stocks bounced back Friday from recent drops, on signs of declining tensions in Ukraine.
The Dow Jones Industrial Average soared 185.66 points, or 1.13 percent, to 16,553.93. The S&P 500 surged 22.02 points, or 1.15 percent, to 1,931.59. The Nasdaq Composite Index rallied 35.93 points, or 0.83 percent, to 4,370.90.
The stock market kept climbing in the afternoon session after a report came out that Russia ended military drill near the Ukrainian border, which lured investors into buying a dip.
Wall Street went up slightly higher, as the Pentagon announced on Friday that the U.S. military have launched targeted airstrikes on forces of the so-called Islamic State of Iraq and the Levant by dropping two laser-guided bombs on its mobile artillery.
Following the gains, major stock indices turned positive for the week when the market had been under downside pressure amid geopolitical turmoil, up 0.4 percent, 0.3 percent and 0.4 percent, respectively.
On the economic front, U.S. wholesale inventories advanced 0.3 percent in June on a monthly basis, falling short of market estimates, the Commerce Department reported Friday.
Meanwhile, the Labor Department said Friday that U.S. nonfarm business sector labor productivity increased at a 2.5 percent annual rate during the second quarter of 2014, beating analyst forecast. Unit labor costs in nonfarm businesses rose 0.6 percent in the quarter, shy of market expectations.
The CBOE Volatility Index, often referred to as Wall Street's fear gauge, dipped 5.34 percent to end at 15.77 Friday.
In other markets, U.S. crude price gained Friday on U.S. airstrikes against insurgents in Iraq. Light, sweet crude for September delivery moved up 31 cents to settle at 97.65 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery lost 42 cents to close at 105.02 dollars a barrel.
Gold futures on the COMEX division of the New York Mercantile Exchange lost ground Friday as tensions in Ukraine decelerated, with the most active gold contract for December delivery down 1.5 dollars, or 0.11 percent, to settle at 1,311 dollars per ounce.
The U.S. dollar weakened against most major currencies Friday as the United States launched airstrikes against militants in Iraq.
In late New York trading, the euro rose to 1.3410 dollars from 1.3359 dollars of the previous session, and the greenback bought 102.04 Japanese yen, lower than 102.07 yen of the previous session.