REUTERS: Wall Street's main indexes turned higher in volatile trade on Thursday with bank stocks leading the charge, even as renewed worries about Sino-U.S. trade relations and fears of a prolonged economic weakness lingered.
"Value investors probably came in here and said enough is enough. The markets like that the banks are showing some life," said Dennis Dick, proprietary trader at Bright Trading LLC in Las Vegas. Trump's remarks added to concerns over a potentially extended period of economic weakness that was forecast by Federal Reserve Chairman Jerome Powell, as well as a warning from U.S. infectious disease expert Anthony Fauci that the COVID-19 outbreak was not yet under control this week.Wall Street's main indexes are set for their steepest weekly drop since March, following a strong rally off their 2020 lows on hopes economic activity would pick up as virus-led restrictions are lifted.
At 1:50 p.m. ET, the Dow Jones Industrial Average was up 192.43 points, or 0.83per cent, at 23,440.40, the S&P 500 was up 11.79 points, or 0.42per cent, at 2,831.79. The Nasdaq Composite was down 2.22 points, or 0.03per cent, at 8,860.95.