U.S. stock rallied early Friday, with equities rising broadly in a rebound from a multiday rout that slashed about 1,400 points from the Dow Jones Industrial Average and left the Nasdaq on the precipice of correction.
How are the benchmarks performing?
The Dow Jones Industrial Average DJIA, +1.16% surged 205 points, or 0.8%, to 25,260. The blue-chip average was on track for its biggest percentage gain since Aug. 27.
The S&P 500 SPX, +1.44% jumped 32 points to 2,760, a gain of 1.2%. The benchmark index was poised for its biggest gain since May, and it was set to snap a six-day losing streak, its longest such stretch of losses since a nine-day drop that ended in November 2016. With the advance, it pushed back above its 200-day moving average, a day after it closed below that level for the first time since April.
Ten of the 11 S&P 500 sectors rose in early trading.
The Nasdaq Composite Index COMP, +2.12% climbed 139 points, or 2.1%, to 7,483. At current levels, it was set for its biggest gain since March.
For the week, the Dow is down 4.1%, the S&P has lost 4.1% and the Nasdaq is down 4%. All three are on track for their biggest weekly decline since March. Both the Dow and the S&P are on track for their third straight weekly loss, while the Nasdaq has dropped for two.
What’s driving the market?
While investors will be closely monitoring bond yields, a primary catalyst for the recent decline, Friday also marks the unofficial start to the third-quarter earnings season. JPMorgan Chase & Co. JPM, +0.17% Citigroup Inc. C, +2.03% and Wells Fargo & Co. WFC, +1.71% all reported, providing the