Rally on Wall Street gains momentum; Dow jumps 600 points

US stocks gained after retail spending figures beat forecasts and investors reviewed another round of earnings updates from big banks.

The Dow Jones Industrial Average popped 610 points, or 2%. The S&P 500 jumped 1.68% and Nasdaq Composite added 1.36%, but stocks remained on track for weekly losses.

S&P 500 contracts rose in what could be another dizzying session, with about $1.9 trillion in options expiring -- making investors to either roll over existing positions or start new ones. Citigroup Inc jumped on a better-than-estimated profit, while Wells Fargo & Co. fell after disappointing earnings. The dollar fell and bonds fluctuated.


Citigroup shares are up about 5% in early trading.

Financials are leading S&P 500 sector gains, while consumer discretionary is also positive. Financials fell on Thursday after disappointing results from JPMorgan and others.

High inflation has fueled worries about demand. At the same time, investors have worried that if the Federal Reserve is too aggressive in raising interest rates to cool inflation, it could push the economy into recession.