By Dan Strumpf And Corrie Driebusch 

Stocks rebounded Friday, a day after major indexes posted their biggest one-day rout in two months.

The Dow Jones Industrial Average gained 75 points, or 0.4%, to 17021. The S&P 500 added six points, or 0.3%, to 1972. The Nasdaq Composite Index advanced 17 points, or 0.4%, to 4484.

The Dow was buoyed by a rally in shares of Nike Inc., which reported a 23% increase in quarterly profits. Shares of the shoemaker surged 11%.

Investors were cautiously stepping in after Thursday's selloff, though volumes were relatively subdued, a sign that some investors were opting for a wait-and-see approach, traders said. On Thursday, the Dow shed 1.5% and the S&P 500 declined 1.6%, amid a flurry of concerns over economic growth and geopolitical tensions.

"Today it feels choppy and weak underneath this rally," said Joe Saluzzi, a partner at brokerage Themis Trading. "I would treat this cautiously. It's certainly not an all-clear signal."

Recent action leaves the major indexes poised for weekly losses. The S&P 500 is off 1.8% this week. Investors remained concerned about economic growth overseas, especially in China and the eurozone.

Still, many long-term money managers remain optimistic about the outlook for stocks, arguing that steady economic growth in the U.S. means that the market can handle tighter Fed policy. Investors widely expect the central bank to raise rates sometime next year after winding down its bond-buying program in October.

"We're not surprised to see a bit of a selloff and volatility because we've gone so long without seeing even a little bit of a hiccup," said Sean Lynch, managing director of global equity strategy and research for Wells Fargo Private Bank, which manages $179 billion.

Before the open, the Commerce Department reported that the U.S. economy grew at a rate of 4.6% in the second quarter, up from a previous estimate of 4.2%. The result was in line with expectations. The reading on September's consumer sentiment of 84.6, up from August's 82.5, was in line with expectations.

"Ultimately strong economic growth is good for the markets," said Doug Cote, chief market strategist at Voya Investment Management. "I'm a buyer at these levels."

Stocks were mixed overseas. Japan's Nikkei Stock Average fell 0.9% to 16,229.86, dropping back into negative territory for the year. In Europe, the Stoxx Europe 600 index gained 0.4%.

The dollar continued to strengthen against major rivals. The euro fell to $1.269 from $1.2751 late Thursday.

The yield on the benchmark 10-year Treasury note rose to 2.539%, according to FactSet. Yields move inversely with prices.

Investors on Friday continued to grapple with the reasons behind Thursday's selloff. While many attributed it to actions in Russia that seemed to pave the way for deeper tensions with the West, others attributed it to high stock prices and uncertainty over the Fed's timeline for monetary tightening.

Others viewed the decline as a return to normal trading patterns after a sleepy summer for stocks. A number of unknowns are now on the horizon, including the Fed's future course, the outlook for Europe's stalling economy and a slowdown in growth in China, they said.

"You should expect more volatility than we've had in the past couple years, and this week is a bit of a taste of that," said Russ Koesterich, chief investment strategist at BlackRock.

For Friday "it looks like the market has quieted down," Mr. Koesterich said. "A couple things are helping--the GDP print was in line, and also we didn't see a lot of follow-through selling overseas."

In other corporate news, BlackBerry Ltd. posted earnings results, which included a smaller-than-expected loss and a sharp drop in revenue. Shares rose 6%.

Shares of Janus Capital Group Inc. rose 30%. Bill Gross, founder of Pacific Investment Management Co., will join Janus next week. U.S.-traded shares of Allianz SE, the German insurer that owns Pimco, fell 6.5%.

Shares of Apple Inc. rose 1.8%. The company has been defending itself against reports that its new, larger iPhone bends easily in people's pockets. The company also released a new update of software for its mobile devices after yanking its previous update.

Write to Dan Strumpf at daniel.strumpf@wsj.com and Corrie Driebusch at corrie.driebusch@wsj.com

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