U.S. stocks bounce back after 5-day losing streak

U.S. stocks rebounded Friday after five consecutive sessions of losses, with major stock indices rising over 1 percent to close almost at session highs, as investors took in quarterly earnings, mixed economic data and surging oil prices.

The Dow Jones Industrial Average rose 190.86 points, or 1.10 percent, to 17,511.57. The S&P 500 climbed 26.75 points, or 1.34 percent, to 2,019.42. The Nasdaq Composite Index increased 63.56 points, or 1.39 percent, to 4,634.38.

Before the opening bell, Goldman Sachs Group reported fourth quarter net revenues of 7.69 billion U.S. dollars, down from 8.78 billion dollars a year ago. Net earnings for the fourth quarter were 2.17 billion dollars, or 4.38 dollars per diluted common share, both lower than the year-ago period. Goldman Sachs Group shares fell 0.71 percent to 177.23 dollars apiece.

Intel Corporation climbed 0.72 percent to 36.45 dollars a share, as the tech giant's fourth-quarter net earnings exceeded market expectations and it issued a slightly weaker-than-expected guidance for the first quarter of 2015 after the market closed Thursday.

On the economic front, the Consumer Price Index for All Urban Consumers declined 0.4 percent in December on a seasonally adjusted basis, led by plunging gasoline prices, the U.S. Labor Department said.

Investors hoped that a lack of inflationary pressure could make the Federal Reserve stick to its patient stance in normalizing monetary policy.

Moreover, U.S. industrial production decreased 0.1 percent in December after rising 1.3 percent in November, the Fed reported.

However, U.S. consumer sentiment came in upbeat thanks to lower crude prices. The Thomson Reuters/University of Michigan's preliminary January reading of consumer sentiment index surged to 98.2, the highest level since January 2004, well above market consensus of 94.0.

Adding positive sentiment to the market, U.S. oil price soared more than 5 percent Friday as the International Energy Agency expected oil producers to boost output at a slower rate this year. The energy sector rose 3.19 percent, leading the gains of the S&P 500's 10 sectors.

Light, sweet crude for February delivery surged 2.44 dollars to settle at 48.69 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery jumped 1.9 dollars to close at 50.17 dollars a barrel.

On the previous day, U.S. stocks dropped, with the S&P 500 closing below the round-number mark of 2,000 points for the first time in a month, weighed by disappointing banks earnings, negative retail sales, sliding oil prices and the Swiss National Bank's surprise move to scrap the cap of Swiss franc against the euro.

Despite Friday's rally, the three benchmark indices still wrapped up the week lower,with the blue-chip Dow down 1.3 percent, the broader S&P 500 down 1.2 percent and the tech-heavy Nasdaq dipping 1.5 percent.

The CBOE Volatility Index, a gauge of fear in the market, retreated 6.43 percent to end at 20.95.

In other markets, the dollar traded mixed against other major currencies on Friday and climbed against the euro to nearly 11- year high as investors speculated that the European Central Bank was moving closer to a bond-buying program.

In late New York trading, the euro moved down to 1.1587 dollars from 1.1612 dollars in the previous session. The dollar bought 117. 45 Japanese yen, higher than 116.52 yen of the previous session, and went down to 0.8543 Swiss franc from 0.8724 Swiss franc.

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday, hitting its highest level since September 2014 in a continued reaction to Switzerland's abandoning of a cap on the franc.

The most active gold contract for February delivery gained 12.1 dollars, or 0.96 percent, to settle at 1,276.9 dollars per ounce.