U.S. equities rose on Friday after said Steve Bannon, one of President Donald Trump's top advisors, left the administration.
The S&P 500 erased losses, last trading 0.3 percent higher. NBC News confirmed earlier reports that Bannon had left Trump's team. A report from Axios hinting at Bannon's departure sparked the turn higher in stocks.
The Dow Jones industrial average traded 20 points higher, jumping 130 points off its lows. The Nasdaq composite outperformed, rising 0.3 percent.
Tension between Bannon and other top advisors to Trump, including Chief Economic Advisor Gary Cohn and National Security Advisor H.R. McMaster, had been festering inside the White House. On Wednesday, Reuters reported that discord between Bannon and McMaster is destabilizing Trump's team.
Source: Bloomberg Pro Terminal
Junior Trader Stefan Panteleev
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