At the close of trade, the Dow Jones Industrial Average index advanced 658.09 points, or 2.15%, to 31,288.26. The S&P500 index was up 72.78 points, or 1.92%, to 3,863.16. The tech-heavy Nasdaq Composite Index added 201.24 points, or 1.79%, to 11,452.42. For the week, the Nasdaq slumped by 1.6%, the S&P 500 slid by 0.9% and the Dow edged down by 0.2%.
All 11 major S&P sectors ended the session up, with financials (up 3.5%), healthcare (up 2.5%), communication services (up 2.2%), energy (up 1.9%), and information technology (up 1.8%) issues suffered largest percentage gains.
Shares of Citigroup moved sharply higher after the financial giant reported better than expected second quarter results.
Health insurer and Dow component UnitedHealth also posted a strong gain after reporting better than expected second quarter results and raising its full-year guidance.
Shares of Wells Fargo also showed a notable move to the upside even though the mortgage banking giant reported weaker than expected second quarter results.
ECONOMIC NEWS: Report from the Commerce Department showed retail sales jumped 1% in June after edging down by a revised 0.1% in May. Excluding sales by motor vehicle and parts dealers, retail sales still surged by 1% following a 0.6% increase in May.
A separate report from the University of Michigan unexpectedly showed the consumer sentiment index inched up to 51.1 in July from a record low 50.0 in June. Inflation expectations also eased slightly, with one-year inflation expectations dipping to 5.2% in July from 5.3 in June and five-year inflation expectations slipping to 2.8% from 3.1%.
Among Indian ADR, ICICI Bank added 0.6% to $19, Tata Motors added 3.3% to $27.82, WNS Holdings added 3.1% to $77.26, HDFC Bank added 1.7% to $58, Wipro added 0.8% to $5.05, and INFOSYS added 1.5% to $18.17. Azure Power Global fell 1% to $10.91 and Dr Reddy's Labs fell 0.2% to $57.18.
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