Wall Street rallied on Friday, lifted by a surge in Deutsche Bank shares and financial stocks after concerns eased about the health of the German bank. Stocks rose for the quarter. Bobbi Rebell reports.
Wall Street rallied on Friday led by a surge in shares of Deutsche Bank stock which lifted financials across the board. Concerns eased on reports from French news agency AFP that Germany's largest lender is nearing an agreement with U.S. officials regarding its sale of toxic mortgage bonds before the financial crisis. The major U.S. indexes closed out Friday's session with gains across the board. For the quarter, stocks posted gains with the Nasdaq up almost 10 percent. Meridian Equity Partners Jonathan Corpina: SOUNDBITE: JONATHAN CORPINA, SENIOR MANAGING PARTNER, MERIDIAN EQUITY PARTNERS, (ENGLISH) SAYING: "We've been in this tight range for a while. If you look at the beginning of the summer until now. We were stuck in this really tight range and only recently we have gotten out of that range every once in a while but come back to it so it seems like when we dip down investors look at it as buying opportunities to get us back into play. And when we trade higher investors are taking some profits off the table. The market is healthy enough to continue to move higher. " Cognizant plunged after the IT services provider said it was conducting an internal investigation into possible violations of U.S. anti-corrupt practices laws related to payments in India. Shares of Nutanix soared more than 80 percent in their market debut, highlighting demand for tech offerings in what has been a generally quiet year for IPOs. In Europe. shares were lifted by Deutsche Bank, though the FTSE gave back a bit of ground.