Dow jumps as stocks notch weekly gains amid hopes for strong consumer demand, earnings season ahead

Wall Street's major indexes are up halfway through October. Johannes Eisele/Getty Images
After strong retail sales and earnings by Goldman Sachs, the Dow industrials jumped more than 380 points on Friday.

Goldman joined other banks in this week's jumpstart of the Q3 earnings season.

Retail sales increased in September, surprising expectations of a drop.

US stocks closed higher Friday after Wall Street's key Indexes secured wins for the week thanks to unexpectedly strong monthly retail sales, and a huge earnings beat by Goldman Sachs.

The Dow Jones Industrial Average soared more than 380 points. Goldman Sachs shares advanced after Goldman Sachs' third quarter earnings of $14.93 per share beat expectations of $10.18. This was due to strong investment banking revenue.

The Goldman stock helped drive the S&P 500 Index's financial sector up by over 1%. Both indexes rose more than 1% in the past week.

Here are the US indexes at 4:00 p.m. Friday

Goldman was joined by Morgan Stanley, Bank of America and JPMorgan this week, which posted quarterly results that were above expectations. The new earnings season was launched by the banks, which were the first major corporations to do so.

While supply-chain issues continue, other companies might have difficulty passing higher prices on to customers. These factors could pose a risk to the wider earnings prospects, Morgan Stanley stated in a Friday note.

Stocks were supported by Friday's government report, which showed that retail sales increased 0.7% to $625 billion last month. This is more than the 0.2% median estimate from Bloomberg economists. Unexpectedly, spending at restaurants and stores rose. This is a positive sign for an economy that relies heavily on consumers.

Bloomberg reported that the Securities and Exchange Commission will approve the first US bitcoin futures exchange traded fund within the next week.

A China central bank official stated that the Evergrande Group crisis' ripple effects are "controllable". This is China's first comment since the missing international bond payments by the property developer last month.

NuCypher is a lesser-known altcoin, which bills itself as a decentralized threshold Cryptography Network. It reached a market cap of $2 billion and soared more than 1,000%.

The gold price dropped 1.6% to $1768.00 an ounce. The yield on the 10-year Treasury note edged up to 1.577%.

Oil prices rose. West Texas Intermediate crude added 1.1% to $82.17 per barrel. Brent oil, an international benchmark, increased 0.9% to $84.73.

Bitcoin surged 7.1%, to $61,561.