Stock Market Today

The Dow extended gains on Friday after stronger economic data allayed fears of an economic slowdown, while Citigroup's booming quarterly results helped bank shares back into high demand.

The Dow Jones Industrial Average rose 2.2%, or 658 points, the Nasdaq 1.8% and the S&P 500 1.9%. The financial sector led the market higher, with Citigroup (NYSE:C) adding more than 13% after reporting better-than-expected quarterly results, led by a rally in bank stocks. The Wall Street bank was helped by its performance in its trading business, which offset weakness in investment banking revenue, and the announcement that share buybacks will be suspended. Wells Fargo (NYSE:WFC), meanwhile, rose 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. Bank stocks were also helped by steepening yield curves as data showing that the consumer is doing well eased some concerns that the economy is headed for a significant slowdown. Retail sales rose 1.0% in June, the fastest pace in three months and above expectations of 0.8%. After the report, Jefferies economists signaled optimism that consumer spending will increase further, pointing to the drop in gasoline prices, which could set the economy up for "much stronger GDP growth in Q3". UnitedHealth Group Incorporated (NYSE:UNH), a key component of the Dow, rose more than 5% after it offered stronger guidance as its quarterly results beat estimates, driven by stronger performance from its Optum healthcare business. Technology continues its uptrend, led by gains in Amazon (NASDAQ:AMZN) and Meta Platforms (NASDAQ:META), with the latter up more than 4%.