US stocks finish solidly up after volatile session; Dow +1.15%

US stocks finish solidly up after volatile session; Dow +1.15%

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Traders work on the floor of the New York Stock Exchange (NYSE). (Photo: Drew Angerer/Getty Images/AFP)

NEW YORK: Wall Street stocks ended a topsy-turvy session solidly higher on Friday (Oct 12), winning back some of the losses from a two-day rout.

The Dow Jones Industrial Average climbed 287.16 points (1.15 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 38.76 points (1.42 per cent) to 2,767.13, while the tech-rich Nasdaq Composite Index surged 167.83 (2.29 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 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 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.

Source: AFP/ec