U.S. stocks finished sharply higher on Friday, erasing losses from earlier in the session, as a group of big banks deposited $30 billion with troubled lender First Republic Bank. The S&P 500 SPX gained 68.36, or 1.8%, to close at 3,960.28, according to preliminary closing data from FactSet. The Dow Jones Industrial Average DJIA rose 371.98 points, or 1.2%, to 32,246.55. The Nasdaq Composite COMP gained 283.22 points, or 2.5%, to 11,717.28.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.