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* Adobe rises after profit beat
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By Caroline Valetkevitch
June 12 (Reuters) - U.S. stocks ended higher on Friday as
bargain hunters stepped back into the market following sharp
losses a day earlier, but all three major indexes suffered their
biggest weekly percentage declines since the week ended March
20.
Friday's trading was marked by wild swings.
The Federal Reserve's indication earlier this week of a long
road to recovery and rising COVID-19 cases in the United States
had cast a pall over investor optimism about a swift economic
rebound. The S&P 500 ended down about 6% on Thursday.
"We've seen a pretty big down move, and you've seen some
retrenchment of that move," said Rob Haworth, senior investment
strategist at U.S. Bank Wealth Management.
Earlier this week, the tech-heavy Nasdaq .IXIC confirmed
it had been in a bull market since March 23 and the S&P 500
briefly tuned positive on the year.
On Friday, the S&P 500 .SPX closed above its 200-day
moving average, a closely watched technical level that was last
at about 3,013, after moving above and below the level.
Unofficially, the Dow Jones Industrial Average .DJI rose
475.69 points, or 1.89%, to 25,603.86, the S&P 500 .SPX gained
39.21 points, or 1.31%, to 3,041.31 and the Nasdaq Composite
.IXIC added 96.08 points, or 1.01%, to 9,588.81.
Photoshop maker Adobe Inc ADBE.O rose after posting a
better-than-expected quarterly profit, driven by strong demand
for its cloud software.