A Goldman Sachs report states that financial markets have already absorbed the likelihood of an escalating trade war with China.
"The sharp rise in the 10-year that you've seen in the last few days and the widening of the yield curve, that has really built the fire under these financials", said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
China is said to be planning to cut the average tariff rate it charges on imports from the majority of its trading partners as soon as next month.
Chipmakers Intel rose 2.0 percent and Micron 3.5 percent after Bloomberg reported that Samsung Electronics was considering to lower memory chip growth output next year to keep supplies tight in anticipation of a slowdown in demand. Analysts forecast companies in the S&P 500 stock index to grow earnings at a 22 percent clip in the July through September quarter. The Nasdaq composite climbed 78.19 points, or 1 percent, to 8,028.23.
The KBW bank index.BKX was up 1.22 percent.
"I would worry if a mood of euphoria takes hold - that's traditionally a warning sign", Valliere told USA TODAY.
The S&P 500 posted 41 new 52-week highs and no new lows; the Nasdaq Composite recorded 53 new highs and 38 new lows.
Mobile and online services have locked users out of accounts
But customers were still complaining that there is an issue with the app, even though the bank said it was working normally. Meanwhile Julia from London told the BBC: "The systems have also gone down inside branches with no transactions possible".
Nike rose 1.1 per cent after an analysis of the company's online sales data by Thomson Reuters Proprietary Research revealed it had sold out of 61 per cent more merchandise since the appearance the ad campaign featuring National Football League player Colin Kaepernick.
CURRENCY: The dollar gained to 112.70 yen from Thursday's 112.46 yen. Cardinal Health rose 2.3 percent to $55.17. Copper added $0.4 percent to $2.74 a pound.
Eventually, that rally crumbled in dramatic fashion, punctuated by two single-day 1,000-point plunges.
Benchmark U.S. crude fell 0.4 percent to settle at $70.80 a barrel in NY.
West Texas Intermediate crude fell 0.4 percent to $70.80 a barrel. Germany's DAX rose 0.9 percent, while France's CAC 40 climbed 1.1 percent. Japan's Nikkei 225 finished flat.
The Bloomberg Dollar Spot Index decreased 0.4 percent to the lowest in eight weeks.
The stunning economic data may spell disaster for Democrats hoping to retake Congress this fall, with House Minority Leader Nancy Pelosi vowing to repeal the "GOP Tax Scam" should her party win big during the midterm elections. Shares fell in Taiwan but rose in Indonesia, Thailand and Singapore.
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