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By Staff Reporters
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U.S. stock markets finished sharply higher snapping a five-day losing streak thanks in part to stronger-than-expected retail sales data and a moderation in inflation expectations. But the rally — which marked the best daily performance in three weeks — still wasn’t enough to overcome earlier losses, leaving stocks with a weekly loss. The Dow Jones Industrial Average gained 658.09 points, or 2.2%, to 31,288.26. The S&P 500 advanced 72.78 points, or 1.9%, to 3,863.16. The NASDAQ Composite climbed 201.24 points, or 1.8%, to 11,452.42.
And, Citigroup (NYSE: C) reported better-than-expected quarterly results, sending its shares more than 13% higher. The Wall Street bank was helped by blowout performance in its trading business that offset weakness in investment banking revenue and an announcement that stock buybacks would be suspended. Wells Fargo (NYSE: WFC) also surged 6% despite reporting quarterly results that fell short on both the top and bottom lines as the bank set aside more money to cover potential losses from bad loans.
Banks stocks were also helped by steepening in yield curves as data showing the consumer remains in good shape eased some concerns the economy was headed for a significant slowdown.
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Filed under: Alerts Sign-Up, Investing | Tagged: bank stocks, DJIA, markets, NASDAQ, S&P 500, stock markets |
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