Friday the 13th turned out to be a lucky day for stocks, with the Dow and S&P 500 snapping a six-day losing streak, propelled by sharp gains in financials following JPMorgan's earnings report.
With the day's rally, the Dow and S&P 500 managed to eke out small gains for the week.
“We’ve been vastly oversold,” said Art Cashin, director of floor operations at UBS Financial Services. “We see that this bounce could take us into the beginning of next week…but between now and Labor Day, things could get very volatile.”
The Dow Jones Industrial Average finished up more than 200 points, lifted by JPMorgan and BofA . H-P was the only laggard on the blue-chip index.
The S&P 500 and the Nasdaq also closed near session highs. The The CBOE Volatility Index, widely considered the best gauge of fear in the market, tumbled below 17.
For the week, the financials led the key S&P sector gainers, while techs ended lower.Page 1 of 5 | Next Page