US stocks surged on Friday ending a turbulent week on a high after the Federal Reserve cut the discount rate it charges banks in an emergency move to stabilize credit markets and keep the economy on track. Financial shares and energy stocks lead the rise.

In economic news, US consumer sentiment deteriorated in August to its weakest in a year. The Reuters/University of Michigan Surveys of Consumers said it preliminary reading of sentiment in August was 83.3, well below the forecast 88 and sharply lower than July's reading of 90.4. More expensive oil, declining home prices and turmoil in financial markets all copped some of the blame.

Taking a look at the numbers, the Dow Jones Industrials jumped 233 ending at 13,079 snapping a six-day streak of losses; the S&P500 had its best day in almost 4-and-a-half years. It's up 35 points closing at 1,446, and the Nasdaq gained 54 points to finish at 2,505