(Reuters) – Wall Street rose on Friday following its worst two-day slide in eight months as technology and other high-growth stocks led a fight back, while early gains from strong earnings of the biggest U.S. lenders, including JPMorgan, faded.
Netflix (NFLX.O), Amazon (AMZN.O) and Apple (AAPL.O) — some of the names that took a hit from an erratic selloff this week — rose between 1.7 percent and 4.05 percent, setting the Nasdaq for its best day since Aug. 2.
The S&P 500 technology index .SPLRCT rose 1.77 percent, providing the biggest boost the S&P 500 .SPX.
“The past few days were a bit of a wake-up call, but it also created an opportunity for those who have been missing out to buy some of these high-growth technology names,” said Jason Browne, chief investment strategist at FundX Investment Group in San Francisco.
However, financial stocks got little boost after JPMorgan Chase & Co (JPM.N) reversed early gains to trade down 0.6 percent despite reporting a better-than-expected third-quarter profit.
“Earnings really isn’t the catalyst here, it was just an over sold market. At least for a short-term situation, it gave investors a chance to buy,” Browne said.
The bank results launch a quarterly reporting season that will give the clearest picture yet of the impact on profits from President Donald Trump’s trade war with China.
Earnings at S&P 500 companies are estimated to have risen 21.5 percent in the third quarter, according to I/B/E/S data from Refinitiv, a slowdown from the previous two quarters.
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