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Stocks - Dow Surges Over 300 Points; Banks Rally After Earnings

Stock MarketsOct 12, 2018 09:46AM ET
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Wall Street rose after the opening bell.

Investing.com - Wall Street surged on Friday as reasonably positive bank earnings and an appetite for beaten-down shares spurred buying after a four-day equity selloff.

The S&P 500 rose 35 points, or 1.31%, to 2,764.14 as of 9:44 AM ET (13:44 GMT), while the Dow increased 307 points, or 1.23%, to 25,360.33 and the tech-heavy Nasdaq Composite was up 143 points, or 1.96%, to 7,472.81.

JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) each posted fairly solid results, which was enough to boost stock prices. JPMorgan was up 0.85%, while Citigroup gained 3.26% and Wells Fargo rose 1.65%.

Technology stocks were also up, with Microsoft (NASDAQ:MSFT) up 2.45% after Macquarie upgraded shares to outperform from neutral with a $121 price target, Benzinga reported. Netflix (NASDAQ:NFLX) gained 4.94%, while Amazon.com (NASDAQ:AMZN) rose 4.11% and Apple (NASDAQ:AAPL) rose 3.22%.

Elsewhere General Electric (NYSE:GE) fell 0.94%, while Barrick Gold (NYSE:ABX) dipped 1.84$.

In Europe stocks were mostly up. Germany’s DAX rose 67 points, or 0.59%, while in France the CAC 40 increased 29 points, or 0.58%, and in London the FTSE 100 was up 32 points, or 0.47%. Meanwhile the pan-European Euro Stoxx 50 gained 9 points, or 0.28%, while Spain’s IBEX 35 dipped 34 points, or 0.38%.

In commodities, gold futures inched down 0.15% to $1,225.80 a troy ounce while crude oil futures rose 0.86% to $71.58 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, increased 0.36% to 94.94.

Stocks - Dow Surges Over 300 Points; Banks Rally After Earnings
 

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Bi Ba
Bi Ba Oct 12, 2018 11:11AM ET
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Buybacks and bank numbers were Luke-warm... This is temporary, the uptick. If markets slide Trump will make desperately make a bad deal for America to keep market going... CHINA will take advantage of his desperation to cut any trade deal and appear to make America Great... Markets will go up... Then realize the deal is terrible, then crash
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