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.