Showing a vote of confidence in JPMorgan Chase Friday, relieved investors drove up bank stocks, ended a six-day losing streak for the market and sent the Dow Jones industrial average up 204 points, the best day this month, to close at 12,777.
Stocks struggled during a quiet start to holiday-week trading following news that American manufacturing numbers seem to have slowed in June. The Dow average fell after the manufacturing report, finishing down 8 points at 12,871.
Financial markets around the world jumped higher Friday with the Dow Jones industrial average climbing 277 points, closing at 12,880, and the Standard & Poor's had its best day of the year. Stocks advanced even further in Europe.
Stocks recorded their third big gain of the week and closed at a one-month high because of expectations that the fall-out from the debt crisis in Europe may be slowing. The Dow Jones industrial average climbed 115 points to close at 12,767.
Facebook lawsuits charge that banks in charge of IPO didn't share company information with all shareholders. In addition to Facebook lawsuits, two congressional committees are also investigating the IPO.