The stock market bounced back Friday, June 22, a day after suffering its second-worst loss this year.
The Dow climbed 57 points to 12,631 a half hour after noon Eastern. That’s a rise of 0.5 percent.
Moody’s had been warning that it would make the move since early this year. Analysts said the step by Moody’s removes one piece of uncertainty that had been weighing on banks.
Morgan Stanley rose 1 percent, gaining 14 cents to $14.11. JPMorgan Chase jumped 2 percent, adding 72 cents to $36.24.
Bank of America edged up 2 cents to $7.84.
The Standard & Poor’s 500 index rose 6 points to 1,331 and the Nasdaq composite index climbed 16 points to 2,874. The early gains turned the Nasdaq positive for the week, The Associated Press reported.