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U.S. stocks bounce back, end 3rd quarter with strong showing

Trader James Dresch, center, works on the floor

Trader James Dresch, center, works on the floor of the New York Stock Exchange, Monday, Sept. 26, 2016. Photo Credit: AP / Richard Drew

Led by big gains in bank shares, stock indexes nearly recouped the losses from a big rout Thursday. Despite a volatile week, equities ended with solid gains for the third quarter.

ON WALL STREET: At the close, The Dow was up 164.7 points, about 0.9 percent, at 18,308.2.

The Standard & Poor’s 500 index gained 17.1 points, about 0.8 percent, to 2,168.3. The Nasdaq composite climbed 42.9 points, about 0.8 percent, to 5,312.

VOLATILE WEEK: Stocks ended a volatile week on a positive note, marking a solid third quarter. For the quarter the S&P 500 booked a 3.3 percent gains; the Dow rose 2.1 percent, and the Nasdaq gained 9.7 percent, Reuters reported.

ON THE MOVE: Financial stocks bounced back Friday after a big drop a day earlier as worries eased over the outlook for Deutsche Bank, Germany’s biggest lender. Deutsche Bank’s U.S.-listed shares jumped 14 percent, and major U.S. banks also rose. JPMorgan Chase was up 1.4 percent.

Consumer stocks also did well following a strong earnings report from Costco, which jumped 3.4 percent.

OIL PRICES: As markets closed, benchmark U.S. crude was up 15 cents at $47.98 a barrel on the New York Mercantile Exchange. The contract gained 78 cents, or 1.7 percent, to close at $47.83 a barrel on Thursday. Oil prices surged earlier this week after the nations of OPEC, which collectively produce more than third of the world’s oil, agreed to a small cut in production in a surprise decision. In London, Brent crude, the international benchmark, was down 19 cents at $49.05 a barrel.

With Reuters

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