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* Defensives lead gains among 11 S&P sectors
* Q3 GDP growth revised lower, Q4 estimates indicateslowdown
* Nike jumps after results beat estimates, lifts consumerstocks
* Indexes rise: Dow 1.57 pct, S&P 1.41 pct, Nasdaq 0.82 pct
* "Quadruple witching" likely to lead to volatility (Updates to open)
By Medha Singh
Dec 21 (Reuters) - Wall Street rose in volatile trading onFriday, after two days of heavy losses, with the biggest gainscoming in defensive sectors, showing concerns that slowingglobal growth and the threat of a U.S. government shutdownweighed on investors' minds.
The biggest boost to the Dow Industrials and S&P 500 camefrom Nike IncNKE.N , which jumped 8.3 percent after thecompany's quarterly results beat Wall Street estimates onstrength in North America.
All 11 S&P sectors were higher, with the biggest gainersbeing the defensive consumer staples .SPLRCS , utilities .SPLRCU and real estate .SPLRCR indexes.
The smallest gains were in technology .SPLRCT , industrials .SPLRCI and the communication services .SPLRCL index, whichhouses high-growth stocks such as Facebook IncFB.O andAlphabet Inc GOOGL.O .
However, markets are expected to be volatile on account of"quadruple witching", as investors unwind interests in futuresand options contracts prior to expiration.
"We have a bit of a bounce, but it's options expiration so Idon't expect the market to regain any substantial strength fromthe recent selloff. So volatility is probably going to beaccompanying the movements in the market today," said PeterCardillo, chief market economist at Spartan Capital Securitiesin New York.
At 10:21 a.m. ET the Dow Jones Industrial Average .DJI wasup 359.06 points, or 1.57 percent, at 23,218.66, the S&P 500 .SPX was up 34.90 points, or 1.41 percent, at 2,502.32 and theNasdaq Composite .IXIC was up 53.72 points, or 0.82 percent,at 6,582.13.
The lag in growth names comes amid mounting concerns of slowing global growth, which were exacerbated earlier this weekwhen the Federal Reserve said it would largely stick to its planto keep raising interest rates.
Adding to the nerves was the turmoil in Washington, withchances of the government being shut down unless a funding dealis reached by midnight and as U.S. Defense Secretary Jim Mattisabruptly resigned after falling out with Trump over his foreignpolicies.
"The turmoil in the White House, the possibility of agovernment shutdown and of course the ongoing trade problem arerattling investors," Cardillo said.
"Since now we are in a bear market, any rallies are notsustainable until we have capitulation, and so far we haven'thad that."
The three main Wall Street indexes are already in correctionterritory, having fallen more than 10 percent from their recordclosing highs, and are closing in on bear market territory, whena security closes 20 percent below a recent high.
While the Nasdaq came within a whisker of bear marketterritory on Thursday, other segments of the market, includingthe Russell 2000 .RUT small-cap benchmark and the Dow JonesTransport Average .DJT are already in bear market territory.
Economic data was also mixed, with data showing consumerspending increased solidly in November and an unexpected fall inorders for key U.S.-made capital goods.
While U.S. Commerce Department data showed the economy wason track to hit the Trump administration's 3 percent target thisyear, momentum appears to have moderated early in this quarter.(Reporting by Medha Singh in Bengaluru; Editing by ShounakDasgupta) ((Medha.Singh@thomsonreuters.com; within U.S. +1646 223 8780,outside U.S. +91 80 6749 1130; Reuters Messaging:email@example.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.