Updated from 4:25 p.m. EDTThe financial sector led the stock market in New York higher Friday following a promising earnings announcement by Wells Fargo ( WFC), a drop in the trade deficit and jobless claims, and a mixed plate of retail data. Ahead of the holiday weekend, the Dow Jones Industrial Average climbed 246.27 points, or 3.1%, to 8083.38, and the S&P 500 added 31.40 points, or 3.8%, to 856.56. The Nasdaq was up 61.88 points, or 3.9%, to 1652.54. "This has been the most powerful bounce we've seen since the bear market started, and it wasn't a couple-day bounce. It's a prolonged upward trend," says Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.