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US stocks rally as Deutsche Bank surges

AFP

US stocks rose strongly Friday on news that Deutsche Bank was close to a settlement with US regulators over its sale of toxic mortgage bonds before the financial crisis.

US shares of Deutsche surged 14.1 percent on news that it is near a deal to pay $5.4 billion to resolve the matter, a person familiar with the matter told AFP.

That is much smaller than the $14 billion figure US officials initially targeted that had raised worries about Deutsche Bank's capital position.

The news bolstered shares of US banks especially, after the German's bank's troubles had threatened to spill over into the financial system more broadly.

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At the closing bell, the Dow Jones Industrial Average was at 18,308.15, up 0.9 percent.

The broad-based S&P 500 rose 0.8 percent to 2,168.26, while the tech-rich Nasdaq Composite Index advanced 0.8 percent to 5,310.82.