Mid-Morning Market Update: Markets Open Higher; General Electric Profit Beats Views

Following the market opening Friday, the Dow traded up 1.24 percent to 16,079.57 while the NASDAQ surged 1.71 percent to 4,548.67. The S&P also rose, gaining 1.50 percent to 1,896.97.

On Friday, energy shares surged by 4.38 percent. Meanwhile, top gainers in the sector included

, up 26 percent, and

, up 16 percent. In trading on Friday, utilities shares rose by just 0.98 percent. Meanwhile, top losers in the sector included

, down 0.5 percent, and

, down 0.2 percent.

reported upbeat earnings for its fourth quarter. However, industrial profit declined 8 percent in the quarter. GE's total profit surged to $6.28 billion, or $0.64 per share in the latest quarter, versus a year-ago profit of $5.15 billion, or $0.51 per share. Its adjusted earnings came in at $0.52 per share, beating analysts' estimates of $0.49 per share. Its total revenue gained 1.4 percent to $33.89 billion, while industrial segment operating profit dropped to $5.52 billion from $5.99 billion.

shares shot up 18 percent to $13.21 after the company reported better-than-expected Q3 results. Shares of

got a boost, shooting up 55 percent to $1.70 after the company reported the DSMB recommendation to continue Phase 3 study of oral Pyridorin in diabetic nephropathy without modification.

shares were also up, gaining 7 percent to $1.32 after the company reported a $12 million agreement for fuel cell stacks to power commercial buses in China.

shares dropped 30 percent to $8.76. Cardiovascular Systems reported a Q2 loss of $0.47 per share on revenue of $41.4 million. Needham downgraded Cardiovascular Systems to Underperform. Shares of

were down 14 percent to $6.05 after the company priced 5.511 million shares at $6.35 per share.

was down, falling around 10 percent to $9.41. Digi International reported upbeat Q1 earnings, but the company's revenue missed analysts' expectations. The company also issued a weak Q2 forecast.

In commodity news, oil traded up 5.15 percent to $31.05, while gold traded down 0.23 percent to $1,095.70. Silver traded up 0.47 percent Friday to $14.16, while copper rose 0.65 percent to $2.01.

European shares were higher today. The eurozone's STOXX 600 rose 3.19 percent, the Spanish Ibex Index gained 3.77 percent, while Italy's FTSE MIB Index surged 2.39 percent. Meanwhile, the German DAX rose 2.27 percent, and the French CAC 40 gained 3.45 percent, while U.K. shares climbed 2.20 percent.

The Chicago Fed National Activity Index rose to a reading of -0.22 in December, versus a prior reading of -0.30. The Markit manufacturing PMI rose to 52.7 in January, versus a previous reading of 51.20. Economists were expecting a reading of 51.10. Sales of existing homes climbed 14.7 percent to an annual rate of 5.46 million in December, according to the National Association of Realtors. However, economists were expecting a 8.9 percent growth. US leading economic index dropped 0.2 percent in December.