(CNBC) U.S. equities close sharply higher on Friday as Deutsche Bank shares rebounded amid a report that the German banking giant was near a settlement with the Justice Department.
The bank's U.S.-listed shares rose more than 14.5 percent, recovering all of their losses from Thursday and were on pace for their best day since 2011. AFP, citing a source, reported that the bank may be near a $5.4 billion settlement with the U.S. Department of Justice. CNBC has not independently confirmed the report, but if accurate, that settlement would be well below the reported $14 billion opening bid by the DOJ in its talks with Deutsche.
"The fact that investors are buying Deutsche Bank stock is a big vote of confidence from investors," said Adam Sarhan, CEO at Sarhan Capital.
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