Dow jumps as stocks notch weekly gains amid hopes for strong consumer demand, earnings season ahead

Dow jumps as stocks notch weekly gains amid hopes for strong consumer demand, earnings season ahead

US stocks closed higher Friday as Wall Street's key indexes locked in wins for the week on the back of unexpectedly strong monthly retail sales and a . The Dow Jones Industrial Average surged more than 380 points, with shares advancing after the bank's third-quarter earnings of $14.93 a share came in well ahead of expectations of $10.18, driven by strong investment banking revenue. Goldman stock helped push the financial sector on the S&P 500 index up by more than 1%. Both indexes gained more than 1% for the week. Goldman joined Morgan Stanley, Bank of America, JPMorgan and other banks this week that posted quarterly results above expectations. The banks were the first major companies to jumpstart the new earnings season. But other companies may have trouble passing on higher prices to their customers while supply-chain problems are ongoing. Those factors potentially pose a serious risk to broader earnings prospects, said Morgan Stanley in a note Friday. Meanwhile, stocks on Friday found support from the government's report that showed to $625 billion, exceeding the median estimate of a 0.2% decline from economists surveyed by Bloomberg. Spending at stores and restaurants unexpectedly bounced up, a brighter sign for an economy