Stocks finished higher Friday. The Dow climbed 287 points to 25339, while the S&P 500 gained 38 points to 2767. The Nasdaq Composite rallied 167 points to 7496.
The major averages recovered from a steep two-day sell-off as generally positive earnings from large Wall Street banks helped lift investor sentiment. The S&P 500 pared its worst weekly decline since March as Tech shares rallied 3.2%. On the data front, a preliminary reading from the University of Michigan showed consumer sentiment is easing slightly in October. An additional survey revealed import prices unexpectedly increased 0.5% in September while export prices were unchanged from the prior month.
Ten of 11 S&P 500 sectors closed in positive territory with the Real Estate group the sole laggard. Tech shares led today’s rebound. Microsoft advanced 3.5% to $109.57 following an analyst upgrade. Shares of Apple gained 3.6% to $222.11. Consumer Discretionary stocks also outperformed as Amazon added 4.0% to $1,788.61 and Nike rose 1.9% to $75.91. Financials lagged the broader market advance with PNC Financial falling 5.6% to $124.26 after the lender revealed disappointing loan growth in the third-quarter.
Breadth was positive on issues by 9:7 on the NYSE and 11:7 on the Nasdaq. Composite NYSE volume was more than 3.9 billion shares.
Treasuries finished lower along the curve with the yield on the 10-year note up two basis points to 3.16%. In commodities, WTI crude rebounded 1.0% to $71.67/barrel. COMEX gold was off 0.4% to $1,218.10/ounce, though still advancing 2.2% so far in October.
For the week, the Dow fell 4.2%, the S&P 500 declined 4.1%, and the Nasdaq Composite lost 3.7%.