Yahoo Finance US stocks rise as Deutsche Bank rallies
Wall Street stocks rose Friday, with US shares of Deutsche Bank recovering from a sharp fall prompted by worries about its capital position.
US shares of Deutsche Bank jumped 6.3 percent, reversing deep losses on Thursday that dragged down the broader market following a report that a handful of hedge funds had pulled some money from the European banking giant due to concerns about its capital position.
US bank shares also headed higher, with Citigroup up 1.7 percent and JPMorgan Chase up 1.1 percent.
Despite the market's greater calm over Deutsche Bank, "the risk of headline volatility on this front remains alive and well," said Briefing.com analyst Patrick O'Hare.
About 35 minutes into trade, the Dow Jones Industrial Average stood at 18,262.41, up 0.7 percent.
The broad-based S&P 500 rose 0.5 percent to 2,161.65, while the tech-rich Nasdaq Composite Index gained 0.4 percent to 5,288.09.
Friday's trade coincides with the end of the third quarter, which can lead to additional volatility as investors square their books, said Briefing.com.
Big-box store Costco Wholesale jumped 3.7 percent as it reported that fourth-quarter earnings edged up two percent to $779 million behind a two percent gain in sales to $35.7 billion.
That hjelped boost shares of rival walmart, which gained 2.0 percent.
Spice company McCormick climbed 2.9 percent after reporting a 31 percent rise in third-quarter profit to $131.1 million and characterizing consumer demand as strong.
Lexmark International surged 13.7 percent on news that its proposed acquisition by a consortium that includes China-based Apex Technology won approval from a key US regulatory body that reviews foreign purchases of US companies.
