NEW YORK, June 29 (Xinhua) -- U.S. Stocks traded higher on Friday as investors digested a batch of major economic data as well as recently corporate news.

At midday, the Dow Jones Industrial Average was up 247.44 points, or 1.02 percent, to 24,463.49. The S&P 500 rose 22.19 points, or 0.82 percent, to 2,738.50. The Nasdaq Composite Index was up 46.45 points, or 0.62 percent, to 7,550.14.

On the economic front, U.S. personal income increased 60 billion U.S. dollars, or 0.4 percent in May, according to estimates released by the commerce department on Friday. Disposable personal income increased 63.2 billion dollars, or 0.4 percent, while personal consumption expenditures increased 27.8 billion dollars, or 0.2 percent.

In corporate news, bank shares moved higher after announcing buybacks and dividend hikes following the Federal Reserve's annual stress test. Shares of Citigroup and Wells Fargo increased 1.91 percent and 4.96 percent respectively in early trading.

Nike shares jumped 12.02 percent after reporting quarterly earnings and revenue that beat expectations.

Wall Street continued to keep an eye on the trade tensions between Washington and its key trade partners as uncertainties remain, experts noted. Enditem