Wall St. bounces back with tech stocks coming back in favor

NEW YORK (Reuters) – Wall Street indices rose on Friday after a week of heavy losses as investors returned to technology and other growth sectors, but lingering concerns over trade tensions rising interest rates have hurt investors' growth.

Energy and financial stocks continued to fall and banking stocks began the third quarter financial reporting season with a groan, while investors fled the insurance sector's values ​​after the passing of the loonie. Hurricane Michael in Florida.

The technology sector was the biggest gainer in S & P's 11 leading sector indices, with a 1.5% advance, but was still on the verge of its biggest weekly decline since March.

"As a rule, we were seeing the rise and fall of technology names. Now buyers are coming back to say that some of them are babies who have been thrown out with bath water, "said Laura Kane, Thematic Investment Manager at UBS Global Wealth Management.

"We now have the withdrawal and the valuations look attractive," Kane said. However, without a trade deal between China and China, "some of the sources of volatility will not disappear quickly," she added.

At 14:42 .DJI gained 24.69 points, or 0.1%, at 25,077.52 points, the S & P 500 .SPX gained 9.33 points, or 0.34%, at 2,737.7 and the Nasdaq Composite .IXIC added 79.33 points, or 1.08 percent to 7,408.39.

All three indexes were on track for their biggest weekly declines since the end of March.

The financial sector of S & P was the biggest loser of the day with a fall of 0.9%, while the S & P 500 sub-sector, the SPXBK, fell by 1.6%. JPMorgan Chase & Co (JPM.N), which canceled its initial gains to weaken by 2% while its quarterly earnings exceeded expectations.

PNC Financial (PNC.N) led losers among banking stocks, down 6.5% after regional bank announced disappointing quarterly credit growth and said it expected only a slight improvement this quarter.

Citigroup (C.N), which rose 0.6%, and Wells Fargo (WFC.N), which recorded a gain of 0.64% after optimistic results.

Netflix (NFLX.O), Amazon (AMZN.O) and Apple (AAPL.O) – some of the names that took a hit this week – increased between 2% and 4%.

The .SPLRCT, the S & P 500 technology index, rose 1.77%, which boosted the S & P 500 index.

"The last few days have sounded the alarm, but it has also created an opportunity for those who have failed to buy some of these high-growth technology names," said Jason Browne, chief investment strategist at FundX Investment. Group in San Francisco.

The results of the banks launch a quarterly reporting season that will give the best image so far of the impact on the profits of President Donald Trump's trade war with China.

According to Refinitiv's I / B / E / S data, earnings of S & P 500 companies would have increased by 21.5% in the third quarter, a slowdown from the previous two quarters.

.SPNY energy stocks fell 0.80%, as oil prices fell after the International Energy Agency (IEA) ruled that the supply was adequate and that the outlook for demand has weakened. [O/R]

The Consumer Discretionary sectors .SPLRCD and .SPLRCL Communications Services, which grew by more than 1% each.

Falling issuance outnumbered growth on the NYSE with a ratio of 1.25 to 1; on the Nasdaq, a ratio of 1.08 to 1 favored advances.

The S & P 500 has recorded no new highs over 52 weeks and 52 new lows. the Nasdaq Composite recorded nine new highs and 220 new lows.