US STOCKS-Wall St rebounds after sharp drop; tech shares rally
* GE, IBM shares slip after earnings
* Obama condemns Russia after Malaysian airliner downed in Ukraine
* Dow up 0.7 pct; S&P 500 up 1 pct; Nasdaq up 1.5 pct (Updates to afternoon)
By Angela Moon
NEW YORK, July 18 (Reuters) - U.S. stocks rose on Friday, rebounding a day after the S&P 500 suffered its worst decline since April 10, with the benchmark index on track to post a modest gain for the week.
Technology and consumer finance stocks ranked among the day's biggest gainers. At the top of the pack, shares of Google jumped 4.1 percent to $604.62 a day after the company reported second-quarter results that beat investors' expectations. Facebook Inc shares gained 2.6 percent to $68.15.
Market participants kept a close watch on geopolitical news. U.S. President Barack Obama demanded that Russia stop supporting separatists in eastern Ukraine after the downing of a Malaysian airline by a surface-to-air missile he said was fired from rebel territory raised the prospect of more sanctions on Moscow.
Investors also remained wary after Israel stepped up its land offensive in Gaza on Friday.
"As a market participant, what's more concerning to me are the latest round of U.S. sanctions on Russia. If the EU follows the U.S. and ratchets up pressure on Russia, what will happen to bonds of Russian companies such as Gazprom and Rosneft?" said Putri Pascualy, credit strategist and portfolio manager at Pacific Alternative Asset Management Co. in Irvine, California. Continuación...