Business

US stocks finish solidly up after volatile session; Dow +1.1%

Sunday, October 14, 2018

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NEW YORK, United States (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 per cent 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 per cent to 2,767.13, while the tech-rich Nasdaq Composite Index surged 2.3 per cent 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 per cent 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 per cent, Amazon 4.0 per cent, Google parent Alphabet 2.9 per cent and Netflix 5.8 per cent.

JPMorgan finished 1.1 per cent lower despite reporting better-than-expected third-quarter profits. Both Citigroup and Wells Fargo rose after reporting results, the former 2.1 per cent and the latter 1.3 per cent.

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