Wall Street stocks rose early Friday as markets cheered unexpectedly strong US retail sales and better-than-expected results from Citigroup.
After a pair of grim readings on US consumer price and wholesale inflation the last two days that pressured stocks, markets were pleased by data showing US retail sales jumped one percent in June, topping estimates.
The report was “strong enough to keep concerns about weakening consumer spending at bay for the time being,” Briefing.com said.
“At the same time, it needs to be acknowledged that these figures are not adjusted for inflation, so they should not be viewed as an exact reflection of consumer strength.”
About 35 minutes into trading, the Dow Jones Industrial Average was up 1.5 percent at 31,074.83.
The broad-based S&P 500 climbed 1.3 percent to 3,839.36, while the tech-rich Nasdaq Composite Index advanced 1.1 percent to 11,371.66
Among individual companies, Citigroup surged 7.8 percent after reporting better-than-expected earnings on higher net interest income and a strong performance in its trading divisions.
The bank acknowledged recession risks facing the economy, but said consumers still remained on solid footing.