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Stocks rebound but remain on track for weekly loss

New York, Stock markets worldwide bounced back on Friday after a multi-day sell-off but remained on track for their biggest weekly losses in months, while U.S. Treasury yields inched higher and the dollar held its gains.

Wall Street rose as investors returned to technology and other growth sectors, but gains were limited by ongoing worries about U.S.-China trade tensions and rising interest rates.

All three U.S. stocks indexes, however, were on track for their biggest weekly declines since late March.

The biggest market shakeout since February has been blamed on factors including fears about the impact of the U.S.-China tariff fight, a spike in U.S. bond yields this week and caution ahead of earnings season.

Kicking off the U.S. earnings reporting period, three of the largest U.S. banks reported double-digit profit growth on Friday. The results reflected an array of positive business factors including a lift from cost-cutting programs they implemented after the 2007-2009 financial crisis.

The Dow Jones Industrial Average rose 173.34 points, or 0.69 percent, to 25,226.17, the S and P 500 gained 26.36 points, or 0.97 percent, to 2,754.73 and the Nasdaq Composite added 129.74 points, or 1.77 percent, to 7,458.81.

The pan-European FTSEurofirst 300 index lost 0.25 percent and MSCI's gauge of stocks across the globe gained 0.85 percent.

The dollar index rose 0.22 percent, with the euro down 0.26 percent to $1.1563.

U.S. Treasury yields edged up, recovering from falls in the previous session, after data showed U.S. import prices grew at a faster pace than expected last month, adding to the narrative that inflation is accelerating.

Benchmark 10-year notes last fell 4/32 in price to yield 3.1443 percent, from 3.131 percent late on Thursday.

Gold was down 0.5 percent at $1,217.81 an ounce. On Thursday, bullion jumped about 2.5 percent on safe-haven buying during an equities selloff.

Oil rebounded as the equities rally lent support, though prices pared gains after a closely watched forecaster deemed supply adequate and the outlook for demand weakening. U.S. crude rose 0.5 percent to settle at $71.34 a barrel, while Brent gained 0.2 percent to $80.43.

Source: Saudi Press Agency

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