Dow gains 262 points

CNBC's Margaret Brennan - The market has entered its three-day weekend on an up note with 27 of the Dow’s 30 components in the green, the Dow gained 262 points and Nasdaq up 48.

Financial stocks won back some of their recent loses and that helped the overall market. Morgan Stanley up 15% on the day, Citigroup gaining 10%, Bank of America up 8.5%. But one financial firm didn’t fair so well. CIT Group reported that they need to tap their USD 7.3 billion credit line in order to repay some debt that sent shares down 18%. So mortgage companies Fannie Mae and Freddie Mac jumped after gaining upgraded to outperform by Keefe, Bruyette & Woods.

Retailers also gained with discount of Wal-Mart and target up nearly 5% on the day. But commodity stocks still have a lousy week; crude oil closed down 70 cents at USD 101.84/bbl. But investors who took cash out of those commodities still put that money into commodity related equities. Shares of energy components Exxon Mobil and Chevron gained on the day.     

General Electric shares rallied after Merrill Lynch upgraded the stock to buy from neutral, shares of GE, which is this network’s parent company, gained 5% on Thursday’s session. 

Wall Street action:

• Dow up 262 pts, Nasdaq gains 48 pts
• Financial stocks win back some losses
• Fannie Mae, Freddie Mac jump after being upgraded
• Crude trading at $101.84/bbl
• GE rallies after Merrill Lynch upgrade