U.S. stocks were higher Friday, as strong bank earnings and bargain hunting set markets up for a rebound from two days of massive declines.
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JPMorgan Chase, Citigroup and Wells Fargo released their latest quarterly results, and their shares rose on the banks’ strong results.
Stocks on Wednesday and Thursday suffered their worst declines since February. Despite index futures pointing higher Friday, the Dow Jones Industrial Average was pacing for its third straight week of losses.
Other factors playing into the rebound include reports that President Trump and his Chinese counterpart Xi Jinping may meet at the Group of 20 summit in Argentina in late November. The aim would be to find a way out of the impasse over trade that has led both countries to impose penalty tariffs on billions of dollars of each other’s exports.
However, China reported on Friday an unexpected acceleration in export growth in September and a record trade surplus with the U.S., which could exacerbate an already-heated dispute.
There have also been reports that the U.S. Treasury Department will not call China a currency manipulator in its upcoming semiannual report.
U.S. stocks were whipsawed for a second straight session Thursday, a day after the Dow Jones Industrial Average registered its third-largest point drop in its history.
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The blue-chip index tumbled about 546 points, or 2.13 percent, as investors continued to trade on concerns over rising interest rates. The Dow lost about 832 points in Wednesday trading.
The broader S&P 500 dipped 57 points, about 2 percent, while the Nasdaq was down 93 points, or 1.25 percent.