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Wall Street shares rebound to firm finish as Dow leads recovery after six-day losing streak

After falling more than 1,300 points in the last two sessions, the Dow trimmed some of its losses
Stocks and the dollar.
Financial markets recovered after the Dow fell 1,300 points the previous two sessions.

Wall Street stocks closed higher on Friday as the Dow rebounded after falling 1,300 points in the past two sessions.

The Dow posted its third biggest single day loss in history when it sank 831 points on Wednesday, and followed that up by dropping another 545 points onThursday.

A slate of better-than-expected bank earnings lifted the mood and drove the market higher during the session. 

The Dow Jones Industrial Average rose 282 points or by 1.13% to end at 25,335. 

The S&P 500 was up 1.4% to settle at 2,767.  

The Nasdaq jumped 167 points or by 2.295 to close at 7,496. 

The Russell 2000 added 0.08% to conclude at 1,546. 

In Canada, the TSX gained 0.5% to trade at 15,398. 

12:10 PM: US stocks rebound this afternoon with Dow up more than 100 points

The US benchmarks began to recover this afternoon following better-than-expected bank earnings.

The Dow Jones Industrial Average rose more than 100 points. Visa Inc (NYSE:V) and Microsoft Corp (NASDAQ:MSFT) were two of the top-performing stocks on the index.

The S&P 500 was up about 30 points by midday. Macy’s Inc (NYSE:M) was a top gainer on the index this afternoon.

The retailer is reportedly opening its doors to shoppers on Thanksgiving for the sixth year in a row.

The Nasdaq jumped more than 120 points, boosted by Activision Blizzard Inc (NASDAQ:ATVI) and Netflix Inc (NASDAQ:NFLX).

The Russell 2000 was also on the rise. Corium International Inc (NASDAQ:CORI) was a top gainer on the small-cap index after the biotech agreed to be acquired by private investment firm Gurnet Point Capital.

Up north, the TSX saw an almost 60-point gain as the US market began to settle down.

10:00 AM: Wall Street rebounds as US bank results boost market sentiment

US stocks got off to a strong start on Friday as robust results from the US’s biggest banks boosted market sentiment and tech stocks rose.

Early in the session, the Dow Jones Industrial Average Index added 335 points to 25,374, pushed up by Visa Inc, Apple Inc, Boeing, Nike, Cisco Systems and DowDuPont.

Better-than-expected results from JP Morgan Chase, which traded 1% higher, and Citigroup, which added 2.4%, also contributed to the reversal in market sentiment.

The S&P 500, meanwhile, added 38 points to 2,766, led by Take-Two Interactive Solutions, Activision Blizzard, Alaska Air Group, Netflix and Salesforce.com.

Tech stocks fared well in the session, with Amazon.com (NASDAQ:AMZN) trading nearly 4% higher  and Netflix shares (NASDAQ:NFLX) adding 5% while Facebook (NASDAQ:FB) jumped 1.2% and Apple (NASDAQ:AAPL) picked up 2.6%.

The tech-laden Nasdaq soared by 145 points to 7,474, on the back of more than 4% gains from Netflix, Activision Blizzard, Take-Two Interactive Solutions, Autodesk and NetEase.

Up in Canada, Toronto’s TSX climbed by 122 points to 15,439, as it tracked the wider pick-up in equity markets.

Gains from the Russell 2000 were more muted, meanwhile as the small-cap index added 18.5 points to hover at 1,564.

7:06 AM: Wall Street set for the big bounce back as bank earnings dominate the view

US stocks are poised to bounce back from sharp losses to end the week amid a flurry of big bank quarterly earnings and as European indices also gain ground.

Yesterday, Wall Street shares were hammered, extending the losses from a market rout that began in the previous session, with President Trump blaming then Dow Jones Industrial Average's steep plunge on the Federal Reserve hiking interest rates too fast.

The Dow Jones tumbled a whopping 545 points on Thursday to close at 25,052.

The Nasdaq finished down almost 93 at 7,329 while the broader based S&P 500 closed down around 57 at 2,728.

In futures trade, the Dow Jones is ahead by 154 points; the Nasdaq is over 90 points ahead and the S&P 500 is up over 20 points.

Investors wil be sure to be looking to the earnings and forecasts of the big name banks as a measure of how the US economy is doing.

 

Connor Campbell, analyst at Spreadbetter Spreadex in London, said: "...the Dow Jones is set to cap off a crazy week with a rather sharp rise.

 

He added: "It is important to note, however, that while that’s a good start in terms of regaining its recent losses, the Dow was at an all-time high of 26950 in early October, meaning it has some way to go before it is back to its best."

In Europe, FTSE 100 is ahead by around 38 points at 7,045 despite continued Brexit jitters, the German DAX is ahead by 33, In Paris, the CAC 40 is up around 17.

In Japan, the Nikkei 225 added nearly 104 points at 22,694 and the Shanghai Composite Index added around 23 to 2,606.

It came as new data showed Chinese exports rose nearly 15% in September compared with the same month a year earlier.


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