Dow pares sharp rebound



Stocks surged on Friday as worries over rising rates subsided and tech shares rebounded from steep losses earlier this week.

The Dow Jones Industrial Average recovered 172.75 points to pause for lunch Friday at 25,225.58, as Visa surged 4.6%.

On Thursday, Wall Street closed sharply down, with the Dow falling over 540 points, bringing its two-day losses to more than 1,300 points.

The S&P 500 advanced 27.51 points, or 1%, to 2,756.59, with the tech sector surging 2.9%.

The NASDAQ spiked 123.62 points, or 1.7%, to 7,507.65

Netflix zipped 6% higher, while Amazon picked up 4.3%, and Apple gained 3%. Facebook rose 0.8% and Alphabet advanced 2.5%.

Sentiment was also lifted by stronger-than-expected third-quarter results from Wells and Citigroup, which sent their stocks up by more than 1% each. J.P. Morgan Chase also reported a better-than-forecast profit.

Expectations for this earnings season are high. Analysts expected S&P 500 earnings to grow by 19%.

Prices for the benchmark for the 10-year U.S. Treasury regained some ground, lowering yields to Thursday’s 3.15%. Treasury prices and yields move in opposite directions.

Oil prices regained 25 cents at $71.22 U.S. a barrel.

Gold prices dropped $4.70 to $1,222.90 U.S. an ounce.