Stocks rallied higher on Friday as Wall Street staged a comeback from this week's losses as investors were encouraged by better-than-expected retail sales for June and strong earnings from Citigroup (C  ). The Dow Jones Industrial Average jumped over 600 points, while the S&P 500 and Nasdaq Composite climbed 1.9% and 1.8%, respectively.

Despite Friday's rally, all major averages ended the week in the red, with the Dow slipping 0.2%, while the S&P 500 and Nasdaq fell 0.9% and 1.6%, respectively. The S&P 500 is currently about 19% off its highs at Friday's close.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): +1.92% or +72.78 points to 3,863.16

Dow Jones Industrial Average (DIA  ): +2.15% or +658.09 points to 31,288.26

Nasdaq Composite Index (QQQ  ): +1.79% or +201.24 points to 11,452.42

The spotlight was on Citigroup on Friday after the bank reported an 11% increase in second quarter revenue to $19.64 billion. The report helped lift outlooks that were impacted by disappointing earnings reports from JPMorgan Chase (JPM  ) and Morgan Stanley (MS  ) on Thursday.

"In a challenging macro and geopolitical environment, our team delivered solid results and we are in a strong position to weather uncertain times, given our liquidity, credit quality and reserve levels," Citigroup CEO Jane Fraser said in an earnings statement.

Moreover, retail sales rose by a more-than-expected rate in June, according to the Commerce Department's report published Friday, as Americans continued to shop despite decades-high inflations and rising concerns over a coming economic slowdown. Headline retail sales increased 1% in June month-to-month. However, May's print was downwardly revised to a decrease of 0.1%, marking the first monthly decline of 2022.

Despite some positive economic data on Friday, consumer sentiment data remained about the same from last month. In July's preliminary reading, consumer sentiment moderated, increasing to 51.1 from 50.0 in June, according to the University of Michigan's latest Surveys of Consumers release. Beneath the headline, consumers' inflation expectations fell to 2.8% from June's final print of 3.1%.

"Consumer sentiment was relatively unchanged, remaining near all-time lows," said Joanne Hsu, the director of Surveys of Consumers. "Current assessments of personal finances continued to deteriorate, reaching its lowest point since 2011."

"The share of consumers blaming inflation for eroding their living standards continued its rise of 49%, matching the all-time high reached during the Great Recession," Hsu added. "These negative views endured in the face of the recent moderation in gas prices at the pump."