Stocks roared back to life after a dismal week of losses for the major indexes. The Dow added an impressive 658 points, snapping its five-day losing streak. The S&P also snapped a five-day streak with a notable daily gain, while the Nasdaq settled with a more than 1% win. This morning's upbeat retail sales data for June injected some much-needed optimism into Wall Street and allayed some concerns that the Federal Reserve could deliver a full-point interest rate hike at the end of the month. A few promising earnings reports out of the bank sector from Wells Fargo (WFC) and Citigroup (C) also boosted sentiment. Despite today's strong performance, however, the Dow, Nasdaq, and S&P 500 still logged weekly drops. 

The Dow Jones Average (DJI -31,288.26) added 658.1 points or 2.2% for the day and 0.2% for the week. UnitedHealth (UNH) led the gainers, adding 5.4%. Procter & Gamble (PG) was the single loser, shedding 0.1%.

The S&P 500 Index (SPX - 3,863.16) rose 72.8 points or 1.9% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,452.42) added 201.2 points or 1.8% for the session. The former lost 0.9% this week, while the latter shed 1.6%. 

Lastly, the Cboe Market Volatility Index (VIX - 24.23) lost 2.2 points, or 8.2% for the day, and 1.6% for the week, logging its fourth-consecutive weekly loss. 

GOLD FALLS FOR 5TH WEEK IN A ROW 

Oil prices rose today after reports emerged stating that U.S. officials were understating President Joe Biden's expectations that Riyadh would immediately increase its crude output during a meeting with Crown Prince Mohammed bid Salman and other Saudi lawmakers. August-dated crude added $1.81, or 1.9%, to finish at $97.59 per barrel for the day, though it dropped 6.9% for the week.

Gold prices hit their lowest level in 20 months on Friday, briefly dipping below the $1,700 level and logging a fifth-straight weekly drop. In addition to the usual catalysts weighing on the precious metal, UBS said it now expects gold to fall all the way to $1,600 by the end of this year, before making a muted recovery in 2023. August-dated gold lost $2.20, or 0.1%, to close at $1,703.60 an ounce. For the week, it shed 2.2%. 

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