New York, Oct 12 (AFP/APP):Wall Street stocks ended a topsy-turvy session solidly higher on Friday, winning back some of the losses from a two-day rout.
The Dow Jones Industrial Average climbed 1.2 percent at 25,339.99, after trading in a nearly 500-point range during a session that saw it go briefly negative.
The broad-based S&P 500 jumped 1.4 percent to 2,767.13, while the tech-rich Nasdaq Composite Index surged 2.3 percent to 7,496.89.
After two days of torrid selling, US markets opened higher following a batch of solid earnings from JPMorgan Chase and other large banks. Investor confidence dipped at midday, but recovered later in the session.
“The market responded very well to the bank earnings,” said Quincy Krosby, chief market strategist at Prudential Financial. “We saw buyers come in and take advantage of the weakness.”
Even with Friday’s gains, both the Dow and S&P 500 finished the week down about four percent following a slide that was sparked by a jump in US Treasury yields, along with worries about trade conflicts and high valuations.
Tech shares were especially strong, with Apple winning 3.6 percent, Amazon 4.0 percent, Google parent Alphabet 2.9 percent and Netflix 5.8 percent.
JPMorgan finished 1.1 percent lower despite reporting better-than-expected third-quarter profits. Both Citigroup and Wells Fargo rose after reporting results, the former 2.1 percent and the latter 1.3 percent.