US STOCKS-Wall Street climbs at end of turbulent week

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* Indexes up: Dow 0.64%, S&P 0.83%, Nasdaq 1.07%
* All 11 major S&P sectors higher
* Nvidia jumps after results, lifts chip stocks
* Bank stocks rise as U.S. Treasury yields ease off lows
* FAANG stocks rise

(Updates to open)
By Medha Singh
Aug 16 (Reuters) - Hopes of more official stimulus for the
economy and the easing of a bond market rally drove a broad rise
in U.S. stocks on Friday, as a bruising week for markets drew to
a close.
Wall Street's three main indexes are down at least 1.5%
since last Friday, on track to rack up their third consecutive
week of losses, as investors worried about the risk of recession
and U.S.-China trade tensions.
China's state planner said overnight that it would roll out
a plan to boost disposable income this year and in 2020 to spur
consumption as the economy slows.
Investors are also expecting further interest rate cuts from
the Federal Reserve and moves by the European Central Bank next
month to fight softening growth. "We haven't seen any major headlines on trade war today and
that is giving the market some relief. The move back up on
yields is also releasing the pressure on equity markets," said
Peter Cardillo, chief market economist at Spartan Capital
Securities in New York.
"It is sort of a relief rally and perhaps some bargain
hunting since a lot of stocks have been really decimated during
this recent decline."
Among stocks, Nvidia Corp NVDA.O jumped 8.3% after posting
better-than-expected quarterly profit and revenue, lifting the
Philadelphia chip index .SOX by 2.23%. The S&P 500 bank sub-sector .SPXBK rose 0.98% as
rate-sensitive lenders benefited from U.S. Treasury bond yields
easing off their lows. US/
At 9:44 a.m. ET, the Dow Jones Industrial Average .DJI was
up 163.62 points, or 0.64%, at 25,743.01 and the S&P 500 .SPX
was up 23.56 points, or 0.83%, at 2,871.16. The Nasdaq Composite
.IXIC was up 83.03 points, or 1.07%, at 7,849.65.
All of the 11 major S&P sectors were higher, with technology
stocks .SPLRCT providing the biggest boost.
Sectors seen as bond proxies due to their high dividend
yields - real estate .SPLRCR and utilities .SPLRCU - posted
small gains.
The so-called FAANG group - which includes Facebook Inc
FB.O , Amazon.com Inc AMZN.O , Apple AAPL.O , Netflix Inc
NFLX.O and Google-parent Alphabet Inc GOOGL.O - gained
between 0.6% and 1%.
General Electric Co GE.N jumped 6.2% as Chief Executive
Officer Larry Culp bought nearly $2 million worth of shares a
day after recording their biggest one-day percentage fall in 11
years.
Advancing issues outnumbered decliners by a 4.87-to-1 ratio
on the NYSE and by a 4.32-to-1 ratio on the Nasdaq.
The S&P index recorded 18 new 52-week highs and five new
lows, while the Nasdaq recorded 15 new highs and 25 new lows.