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Stocks rose Friday, reversing their earlier session declines as Deutsche Bank shares pared back some losses.
The Dow Jones Industrials surged 132.28 points to 32,237.53.
The S&P 500 gained 22.27 points to 3,970.99.
The NASDAQ Composite cruised 36.56 points higher to 11,823.96.
The major indexes all had a winning week, with the Dow gaining 0.4% week-to-date as of Friday afternoon, while the S&P 500 progressed 1.4%, and NASDAQ gained 1.6%.
Deutsche Bank’s U.S.-listed shares slid 3.11% Friday, rebounding from a 7% drop earlier in the trading session. A selloff of shares was triggered after the German lender’s credit default swaps jumped, but without an apparent catalyst. The move appeared to raise concerns once again over the health of the European banking industry. Earlier this month, Swiss regulators forced a UBS acquisition of rival Credit Suisse. Deutsche Bank shares traded off their worst levels of the session, which caused major U.S. indexes to also cut their losses.
European Central Bank President Christine Lagarde tried to ease concerns, saying euro zone banks are resilient with strong capital and liquidity positions. Lagarde said the ECB could provide liquidity if needed.
Prices for the 10-year Treasury gained a marginal amount of ground, lowering yields to 3.37% from Thursday’s 3.40%. Treasury prices and yields move in opposite directions.
Oil prices sagged 78 cents to $69.18 U.S. a barrel.
Gold prices dropped $16.30 to $1,979.60 U.S. an ounce.
