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Wall St turns higher on G7 action hopes


    NEW YORK (Reuters) - Stocks turned positive and the Dow industrials jumped more than 200 points in late afternoon trading on Friday, led by financials in a turbulent session with analysts citing bets that the finance chiefs of the world's major economies will take coordinated steps this weekend to confront the financial crisis.

    "We're kind of rallying late here on speculation about what the G7 will do over the weekend," said John O'Brien, senior vice president at MKM Partners LLC in Cleveland.

    Earlier, all three major U.S. stock indexes were sharply lower as panicked investors dumped stocks on mounting fears that frozen credit markets would push the global economy into recession.

    The Dow Jones industrial average was up 273.75 points, or 3.19 percent, at 8,852.94. The Standard & Poor's 500 Index was up 16.55 points, or 1.82 percent, at 926.47. The Nasdaq Composite Index was up 42.25 points, or 2.57 percent, at 1,687.37.

    (Reporting by Kristina Cooke and Leah Schnurr; Editing by Jan Paschal)