The Dow and S&P 500 rose for a second day Friday, capping a week of turbulent trading on Wall Street. A slight rise in Treasury yields and hopes for more stimulus encouraged investors to go bargain hunting for stocks. The three major indexes added more than 1%. But the three main indexes racked up losses for the third week in a row as investors grappled with the risks of recession and U.S.-China trade tensions.
Mercadien Asset Management president Ken Kamen:
SOUNDBITE: MERCADIEN ASSET MANAGEMENT PRESIDENT KEN KAMEN (ENGLISH) SAYING:
"Well there is expectation of more stimulus because the President's been jawboning for it,and as important as it is for the Fed to stay independent, they're not independent from everything that's going on in the globe."
Tech, industrial and financial stocks led the rally. Nvidia shares jumped. Quarterly results beat analysts' targets as powerful gaming laptops drove demand for its high-end graphics chips. Intel shares rallied after Northland Capital upgraded the chipmaker to "market perform" from "underperform."
Deere shares rose even though the tractor maker's declining profit missed estimates. It said bad weather and the U.S.-China trade war hurt sales of its machinery. The company said it'll review its costs, so investors looked past its disappointing earnings.
Citigroup, JPMorgan Chase, Bank of America and other bank stocks rose as Treasury yields rose off their lows.