The major US stock indices closed sharply higher and near session highs. The major indices for the week still closed lower, but cut into those declines with the sharp gains today. Retail sales came in better-than-expected which helped. Industrial production was lower and Michigan consumer sentiment came in a little better than expectations and showed a lower inflation expectations for one and 5 years which was a relief to market traders.

All 11 sectors of the S&P index closed higher led by financials which rose 3.51%. Healthcare rose by 2.44% and communication services rose 2.14%.

The laggards in the S&P were utilities which rose 0.21%, consumer staples which rose 0.4%, and industrials which rose 1.58%.

The final numbers are showing:

• Dow industrial average rose 655.85 points or 2.14% at 31286.101
• S&P index rose 72.51 points or 1.91% at 3862.80
• NASDAQ index rose 201.25 points or 1.79% 11452.43
• Russell 2000 rose 36.86 points or 2.16% at 1744.37

For the trading week:

• Dow industrial average fell -0.17%
• S&P index fell -0.99%
• NASDAQ index fell -1.56%

This article was written by Greg Michalowski at www.forexlive.com.