The Dow Jones Industrials leaped 570.27 points, or 1.9%, to 31,200.44.
The S&P 500 regained 61.16 points, or 1.6%, to 3,851.63.
The NASDAQ Composite climbed 156.95 points, or 1.4%, to 11,408.50.
For the week, the Dow is down 0.4%, while the S&P docked 1.4%, and NASDAQ has slipped 1%.
A new round of bank results from Wells Fargo and Citigroup offered further insight into the state of the economy. Wells Fargo popped 7.3% even as quarterly profits declined 48% and the bank set aside funds for bad loans. Citigroup soared 10% as it beat estimates and benefited from a rising rate environment.
A day earlier, investors combed through troubling reports from JPMorgan Chase and Morgan Stanley, which kicked off major bank earnings, and also weighed the likelihood of larger interest rate hikes from the Federal Reserve and looming recession concerns.
In corporate news, Pinterest shares surged 14.7% following a Wall Street Journal report that said activist investor Elliott Management took a stake of more than 9% in the social media company. UnitedHealth bounced 4.7% on the back of strong quarterly results.
June retail sales came in ahead of expectations on Friday, rising 1% on a monthly basis and ahead of Dow Jones’ estimate of 0.9% and indicating that consumers are bolstering retail spending even as inflation hits record highs. Preliminary consumer sentiment data also came in ahead of expectations.
Treasury prices gained, lowering yields to 2.91% from Thursday’s 2.96%. Treasury prices and yields move in opposite directions.
Oil prices picked up $2.31 to $98.09 U.S. a barrel.
Gold prices fell $1.10 to $1,704.70 U.S. an ounce.