The Dow popped over 100 points in the final minutes of trading Friday after a yo-yo session — and a rocky week. Financials gained. Dell was among a handful of decliners.
Some had expected a big selloff again today, after stocks logged their biggest drop of the year on Thursday and as futures showed the market falling to "Flash Crash" levels today.
It was anyone's game as the day unfolded: The Dow Jones Industrial Average dropped more than 100 at the open, popped up over 100 midday, gave it all back then clawed it all back in the dramatic final minutes of trading. The Dow gained over 125 points, or 1.3 percent, ending just shy of 10,200.
The S&P 500 and Nasdaq also gained more than 1 percent. The CBOE volatility indexwas around 42 at the close after popping above 47 earlier.
Twenty-eight of the 30 Dow components ended higher, led by Bank of America and JPMorgan .
Several market pros said bank stocks got a boost as the financial reform passed by the Senate wasn't as tough as expected. That bill must now be merged with the House bill and sent President Obama to sign by July 4.
And Goldman Sachs jumped amid rumors of a possible settlement with U.S. regulators.
The Dow's only decliners were AT&T and Microsoft .
Still, today's gains weren't enough to compensate for losses earlier in the week and the Dow finished down about 400 points, or 4 percent for the week.
All 10 key S&P sectors finished the week lower, led by industrials, energy and tech. Telecoms and consumer staples were the week's best performers.
JPMorgan had the only positive impact on the Dow this week, up nearly 0.5 percent.