U.S. stocks ended a down week on a high note Friday, snapping a five-day losing streak on the strength of energy and financial companies.
A sharp rebound in oil prices and an encouraging report on retail sales helped lift the stock market to its first gain since late last week.
Despite the rally, the major U.S. stocks indexes ended the week down about 1 percent, and they remain down more than 8 percent for the year.
"It's a relief to see after several very ugly days in a row, but I wouldn't hang my hat on it and say the worst is over," said Rob Eschweiler, global investment specialist at J.P. Morgan.
The Dow Jones industrial average rose 313.66 points, or 2 percent, to 15,973.84. The Standard & Poor's 500 gained 35.70 points, or 2 percent, to 1,864.78. The Nasdaq composite added 70.67 points, or 1.7 percent, to 4,337.51. Global stocks have been in a slump since the beginning of the year on concerns that growth in China, which has been the engine of the global economy in recent years, is slowing far faster than expected. Plunging oil prices and low inflation have added to the market's jitters that the global economy is sputtering.
The downbeat trend in the U.S. snapped as investors were encouraged by retail sales and a rally in European stocks.