US stocks rise as Deutsche Bank rallies

New York - Wall Street stocks opened higher on Friday, with US shares of Deutsche Bank recovering from a sharp fall prompted by worries about its capital position.

US shares of Deutsche Bank jumped 6.6%, reversing deep losses on Thursday that dragged down the broader market following a report that a handful of hedge funds had pulled some money from the European banking giant due to concerns about its capital position.

US bank shares also headed higher, with Citigroup and JPMorgan Chase both up more than 1.0%.

Five minutes into trade, the Dow Jones Industrial Average stood at 18 263.16, up 0.7%.

The broad-based S&P 500 rose 0.6% to 2 163.26, while the tech-rich Nasdaq Composite Index gained 0.5% to 5 293.60.

Friday's trade coincides with the end of the third quarter, which can lead to additional volatility as investors square their books, said Briefing.com.