Wall Street finally snapped a five day losing streak thanks to a 10% rally in oil and a rebound in banking stocks that drove the Dow Jones Industrial Average more than 200 points higher on gains in component stocks JP Morgan ( JPM ) and Goldman Sachs ( GS ). Upbeat retail sales data also added to Friday's gains as robust consumer spending in January mitigated investors' concerns about the U.S. economy.
Unfortunately, Friday's gains barely put a dent in the damage already inflicted on stocks this week, leaving all three major indices lower for a second week in a row.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
