US STOCKS-Wall Street gains on bargain hunting but trading volatile

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window)
* Adobe rises after profit beat
* Indexes up: Dow 0.8%, S&P 0.4%, Nasdaq 0.1%

(Updates to late afternoon)
By Caroline Valetkevitch
June 12 (Reuters) - U.S. stocks were higher in late
afternoon trading on Friday but had bounced between losses and
gains as bargain hunting following a sharp losses a day earlier
was offset by continued worries about the economy.
The S&P 500 was on track for its worst week in nearly three
months after falling 5.9% on Thursday, its biggest daily
percentage drop since mid-March.
The Federal Reserve's indication earlier this week of a long
road to recovery and rising COVID-19 cases in the United States
have cast a pall over investor bets on a swift economic rebound.
"Yesterday was a massive down day... so I think short-term
investors probably came in today looking for a bounce," said
Willie Delwiche, investment strategist at Baird in Milwaukee.
Earlier this week, the tech-heavy Nasdaq .IXIC confirmed
it had been in a bull market since March 23 and the S&P 500
briefly tuned positive on the year.
On Friday, the S&P 500 .SPX was moving above and below its
200-day moving average, a closely watched technical level that
was last at about 3,013, as volatility rose.
The Dow Jones Industrial Average .DJI rose 191.88 points,
or 0.76%, to 25,320.05, the S&P 500 .SPX gained 10.96 points,
or 0.37%, to 3,013.06 and the Nasdaq Composite .IXIC added
12.22 points, or 0.13%, to 9,504.95.
Financials .SPSY were providing the biggest boost to the
benchmark S&P 500.
"It would be dispiriting to close lower today going into a
weekend. I'd be hesitant to make too much of it, but you don't
want see evidence of a renewed pattern of selling," Delwiche
said.
Photoshop maker Adobe Inc ADBE.O rose after posting a
better-than-expected quarterly profit, driven by strong demand
for its cloud software.
Advancing issues outnumbered declining ones on the NYSE by a
1.96-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favored advancers.
The S&P 500 posted one new 52-week high and no new lows; the
Nasdaq Composite recorded 19 new highs and seven new lows.