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* Technology, financial stocks move higher
* Apple among biggest boosts to S&P 500, Dow
* Dow up 3.93%, S&P 500 up 3.77%, Nasdaq up 3.57%
(Updates to midafternoon, changes byline)
By Chuck Mikolajczak
March 13 (Reuters) - Wall Street clawed back some losses on
Friday after its biggest one-day decline in three decades, as
investors set their hopes on more global fiscal stimulus to stem
a coronavirus-driven global recession.
All three main indexes jumped more than 6% in early trading
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 about 25% below record highs hit in
mid-February, and were on track for their biggest weekly
declines since October 2008, the height of the financial
crisis.
The Democratic-led U.S. House of Representatives will pass a
coronavirus economic aid package on Friday, House Speaker Nancy
Pelosi said, but it was unclear whether Trump and his fellow
Republicans would support it. Given the steep declines on Thursday - the biggest one-day
percentage drop since "Black Monday" in October 1987 - investors
were hoping for a stronger bounce-back in today's session.
"We should have seen significantly more volume,
significantly more positive price action, breadth in the market
today given the sell-off that we saw specifically yesterday,"
said Peter Kenny, founder of Kenny's Commentary LLC and
Strategic Board Solutions LLC in New York.
"It isn't there, and that is an indication we are not even
close to being out of the woods."
The Dow Jones Industrial Average .DJI rose 833.72 points,
or 3.93%, to 22,034.34, the S&P 500 .SPX gained 93.62 points,
or 3.77%, to 2,574.26 and the Nasdaq Composite .IXIC added
257.23 points, or 3.57%, to 7,459.04.
All the main S&P 500 sub-indexes were trading higher, with
financial stocks .SPSY rising 6.94% as expectations of further
liquidity measures by the Federal Reserve pushed up Treasury
yields, in what has become a very thin market. Oil also looked set to end the week with a silver lining, as
both Brent LCOcv1 and WTI crude CLcv1 settled higher 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
1.66%. Travel stocks, hammered in the rout, were trading higher,
with the S&P 1500 airlines index .SPCOMAIR up 3.66%
Hotel operators Marriott International Inc MAR.O , Hilton
Worldwide Holdings HLT.N and Hyatt Hotels Corp H.N all
gained at least 1%.
Boeing Co BA.N jumped 7.98% but was still on track for its
biggest weekly drop in its history on rising concerns about the
company's growing cash burn.
Apple Inc AAPL.O rose 4.97% 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. Advancing issues outnumbered declining ones on the NYSE by a
3.18-to-1 ratio; on Nasdaq, a 2.02-to-1 ratio favored advancers.
The S&P 500 posted no new 52-week highs and 118 new lows;
the Nasdaq Composite recorded two new highs and 656 new lows.