By Shreyashi Sanyal
Oct 12 (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, Amazon and Apple – 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 rose 1.77 percent, providing the biggest boost the S&P 500.
“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 reversed early gains to trade down 0.6 percent despite reporting a better-than-expected third-quarter profit.
Wells Fargo climbed 0.9 percent and Citigroup was up 1.7 percent after reporting upbeat results.
“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.
At 12:27 p.m. ET the Dow Jones Industrial