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Bank stocks lead a rebound on Wall Street

Stocks are closing higher on Wall Street, led by big gains in bank stocks.

MB FILE - This July 9, 2015 photo shows a Wall Street sign near the New York Stock Exchange in New York.  (AP Photo/Seth Wenig) | 2016.mb.com.ph

MB FILE – This July 9, 2015 photo shows a Wall Street sign near the New York Stock Exchange in New York. (AP Photo/Seth Wenig) | 2016.mb.com.phl stree

Financial stocks were bouncing back Friday following a big drop a day earlier as worries eased over the outlook for Deutsche Bank, Germany’s biggest lender.

Deutsche Bank’s U.S.-listed shares jumped 14 percent, and major U.S. banks also rose. JPMorgan Chase was up 1.4 percent.

Consumer stocks also did well following a strong earnings report from Costco, which jumped 3.4 percent.

The Dow Jones industrial average rose 164 points, or 0.9 percent, to 18,308.

The Standard & Poor’s 500 index gained 17 points, or 0.8 percent, to 2,168. The Nasdaq composite climbed 42 points, or 0.8 percent, to 5,312.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.60 percent.