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BCN-06
US-STOCKS-MARKET
US stocks finish solidly up after volatile session; Dow +1.1%
NEW YORK, Oct 13, 2018 (BSS/AFP) – 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.
BSS/AFP/HR/0915