Wall Street rebounds on retail figures and oil gains

Trader on Wall Street Image copyright Getty Images

(Close): Wall Street shares rose sharply on Friday following a solid US retail sales report and a spike in oil prices.

The Dow Jones industrial average closed up 313.66 points, or 2%, at 15,973.84.

The S&P 500 jumped 35.70, or 1.95%, to 1,864.78, while the Nasdaq rose 70.67, or 1.66% at 4,337.51

A rise in US retail sales in January by 0.2% and gains in oil prices helped boost investor confidence.

Bank shares, which had been hit hard earlier in the week, saw some of the biggest gains on Friday.

JP Morgan saw its stock price rise 8.3% after chief executive Jamie Dimon bought more than $25m of the bank's stock.

Oil prices rose sharply on Friday. Brent crude rose 9.6% to $32.95 a barrel and West Texas crude climbed over 11.4% to $29.19 a barrel.

Wall Street markets are closed on Monday in observance of Presidents' Day.