US equities rose broadly on Friday as markets bounced back from steep losses recorded in past couple of trading sessions caused by the lingering fear of a trade war between China and the US combined with higher interest rates. The Dow finished +1.15%, the S&P 500 +1.42% and the Nasdaq +2.29%. Stocks traded in a volatile session as by midday the Dow had given up its 400 point gain to trade in negative territory before climbing higher into the close. Leading the Dow stocks were Visa shares rising 4.7 percent along with Walgreens Boots Alliance climbing 3.7 percent.
The S&P technology index gained 3.2 percent on the day, being the best performing sector on the index despite still recording its largest weekly drop since in March this year. Lifting the index higher were Amazon shares rising 4.03 percent, Google finished 2.73 percent higher, Microsoft traded 3.46 percent higher and Apple shares rose 3.57 percent.
Earnings seasons began with Wells Fargo, JP Morgan and Citigroup posting better than expected earnings. Wells Fargo shares rose 1.3 percent, Citigroup rose 2.1 percent and JP Morgan declined 1.1 percent. A notable decliner of the bank was PNC Financial as shares sunk 5.6% after the regional bank reported disappointing quarterly loan growth along with lowered guidance in the lending business in the next quarter.
Moving away from equities, the US dollar rose and the the euro and British pound retreated following comments that a deal for Britain to leave the EU could be reached as early as next next week. The euro was down 0.35 percent at $1.1553, while sterling was 0.52 percent lower at $1.3166. The dollar index rose 0.23 percent to trade at 95.23. Oil prices gave back early gains and before closing little unchanged as Brent crude fell to $79.23 a barrel before rising to $80.43, after dropping 3.4 percent on Thursday. Treasury yields rose slightly as the US-10 year notes were last yielding 3.167 percent and the US-2 year notes were last yielding 2.861 percent.
Chart of the day: Salesforce.com (CRM) daily chart