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* Technology, financial stocks move higher
* Apple among biggest boosts to S&P 500, Dow
* Boeing jumps but still on track for worst week ever
* Indexes up: Dow 4.02%, S&P 3.81%, Nasdaq 3.50%
(Updates to early afternoon)
By Sanjana Shivdas and Medha Singh
March 13 (Reuters) - Wall Street clawed back losses on
Friday from its biggest declines in three decades, as investors
bet on more fiscal stimulus to thwart a coronavirus-driven
global recession.
All three main indexes jumped more than 6% in early trade
before paring gains on reports President Donald Trump was set to
declare a national emergency to contain the spread of the deadly
pathogen. The indexes were still 25% below their record highs hit
mid-February and were on track for their biggest weekly declines
since the 2008 financial crisis.
"There is a lot going on in the market right now and we need
the backing of the government more than we already have," said
Gene Goldman, chief investment officer at Cetera Investment
Management in California.
"We all agree that this virus is both a supply shock and a
demand shock, but eventually we will get out and we'll be fine."
The optimism was reflected across global equity markets,
with the MSCI world index .MIWD00000PUS gaining ground after
plunging into a bear market on Thursday. MKTS/GLOB
All the main S&P 500 sub-indexes were trading higher, with
financial stocks .SPSY rising 6.7% as expectations of further
liquidity measures by the Federal Reserve pushed up Treasury
yields. US/
Oil also looked set to end the week on a bright note, rising
about 3% after a near-collapse in prices on Monday due to a
price war between Saudi Arabia and Russia. The S&P 500 energy
index .SPNY added 0.7%. O/R
Expectations are now running high for U.S. Democrats and
Republicans to agree on a fiscal aid package. At 1:25 p.m. ET, the Dow Jones Industrial Average .DJI was
up 851.60 points, or 4.02%, at 22,052.22, while the S&P 500
.SPX was up 94.42 points, or 3.81%, at 2,575.06. The Nasdaq
Composite .IXIC was up 251.92 points, or 3.50%, at 7,453.72.
Travel stocks, hammered in the rout, were trading higher
with the S&P 1500 airlines index .SPCOMAIR up 6.4%.
Hotel operators Marriott International Inc MAR.O , Hilton
Worldwide Holdings HLT.N and Hyatt Hotels Corp H.N advanced
between 1% and 4%.
Boeing Co BA.N jumped 7.5% but was still on track for its
worst weekly slump in history on rising concerns about the
company's growing cash burn.
Apple Inc AAPL.O rose 5.7% and was among the top boosts to
the benchmark S&P 500 and the blue-chip Dow, as the iPhone maker
said it would reopen all 42 of its branded stores in China.
Charles Schwab Corp SCHW.N jumped 14.3% after the
brokerage reported the strongest start to a year, driven by
heightened market volatility. Advancing issues outnumbered decliners nearly 3-to-1 on the
NYSE and about 2-to-1 on the Nasdaq.
The S&P index recorded no new 52-week high and 117 new lows,
while the Nasdaq logged one new high and 612 new lows.
(Writing by Sagarika Jaisinghani; Editing by Sriraj Kalluvila
and Arun Koyyur)