Stocks rose on Friday as investors were encouraged by better-than-expected third-quarter bank stock earnings reports helped boost Wall Street to an overall weeking week. The Dow Jones Industrial Average jumped over 380 points, while the S&P 500 and Nasdaq climbed 0.75% and 0.50%, respectively.
For the week, the Nasdaq outperformed, rising over 2% higher, while the S&P 500 increased 1.8% and the Dow rose 1.6%.
Here's how the market settled to close out the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Consumer sentiment unexpectedly declines in early October:
Consumer sentiment unexpectedly fell in early October, sinking near its lowest level in a decade as coronavirus pandemic fears, supply chain challenges and U.S. economic policies impacted consumer outlooks.
The headline index in the University of Michigan's Surveys of Consumers fell to 71.4 in October from 72.8 in September, according to the institution's preliminary monthly report.
"The Delta variant, supply chain shortages, and reduced labor force participation rates will continue to dim the pace of consumer spending into 2022," Richard Curtin, chief economist for the Surveys of Consumers, said in a press statement. "There is another, less tangible factor that has contributed to the slump in optimism: confidence in government economic policies has significantly declined during the past six months."
"When asked about their confidence in economy policies, favorable evaluations fell to 19% in early OCtober from Biden's honeymoon high of 31% in April, while unfavorable policy evaluations rose to 48% in early October from 32% in April," he added, noting that this decline in confidence around economic policies was recorded across political affiliations.
Retail sales post a surprise jump in September:
U.S. retail sales posted a surprise increase in September, rising for a second month as Delta variant related impacts on consumer spending show signs of easing.
Retail sales rose by 0.7% in September over August, the Commerce Department reported Friday. Last month's rise follows the upwardly revised 0.9% total for August. Over last year, retail sales increased by 13.9%.
Beneath the headline, sales gains were boosted by a broad array of categories: sporting goods, hobby, musical instrument and book stores sales increased by 3.7%, general merchandise stores sales jumped 2%, miscellaneous stores rose by 1.8%, gasoline stations sales climbed by 1.8%, and non-store retailers edged 0.6% higher.
Moreover, categories associated with reopening rose higher in September, with food services and drinking places sales increasing by 0.3%, clothing and clothing accessory stores sales rose by 1.1%, and motor vehicle and parts dealers sales increased by 0.5%.
Here's how benchmarks started trading soon after opening bell:
S&P 500 Index: +0.41% or +18.32 points to 4,456.58
Dow Jones Industrial Average: +0.64% or +221.97 points to 35,134.53
Nasdaq Composite Index: +0.24% or +30.59 points to 14,856.24