The U.S. stock market rebounded Friday after early morning losses, posting a moderate advance despite ongoing concerns about the volatility in the banking sector. Many financial stocks were down after a week in which both Citigroup Incorporated and Bank of America Corporation were forced to take action to protect their balance sheets. But investors seemed to take confidence from the measures taken by both corporations, including Citigroup's plan to divide its banking and brokerage departments between two separate corporations. According to preliminary calculations, the Dow Jones industrial average rose 68.73, or 0.84 percent, to 8,281.22. The Dow was down 103 points in early afternoon; on Thursday, it recovered from a 205-point loss to close up 12.35. The Standard & Poor's 500 index rose 6.38, or 0.76 percent, to 850.12, while the Nasdaq composite index rose 17.49, or 1.16 percent, to 1,529.33. The New York Stock Exchange composite rose 39.75 to close at 5,387.50 and the American Stock Exchange composite rose 20.33 to end the week at 1,383.24. The Russell 2000 also closed higher, ending the day up 3.82 to 466.45. The price of a barrel of light, sweet crude oil for February delivery rose $1.11 to $36.
