The Dow rose more than 600 points after strong retail sales and mixed bank earnings
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| The Dow rose more than 600 points after strong retail sales and mixed bank earnings |
On Friday, stocks rose sharply as investors evaluated the most recent round of corporate reports from big banks, and markets gained from higher-than-expected retail sales.
The Nasdaq Composite rose 1.8 percent, the S&P 500 rose 1.9 percent, and the Dow Jones Industrial Average rose 2.2 percent, or nearly 600 points.
Retail sales increased by 1% in June, according to data from the Commerce Department, as consumers spent more on a variety of commodities, including food and gas, despite inflation recently reaching a new four-decade high.
Major banks continued to release earnings for the second quarter. Following the bank's announcement that it had set aside funds for problematic loans and that profits had decreased by about half since a year earlier, Wells Fargo's shares plummeted by about 1%.
After Citigroup announced high sales and profits that were beyond analyst estimates, the bank's shares increased by 3%.
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