Opening Bell: U.S. Stocks Rise as Retail Sales Surge; Citigroup Tops Earnings Estimates

U.S. stocks jumped on Friday on the heels of better-than-expected consumer data. June retail sales rose 0.6 percent month-over-month, beating estimates of 0.1 percent, driven by an uptick in spending on building materials and gardening. The June consumer price index gained 0.2 percent month-over-month, missing estimates of 0.3 percent. Core CPI, rose 2.3 percent year-over-year, topping the Federal Reserve's 2 percent target. Wells Fargo (WFC) - Get Report reported earnings of $1.01, matching estimates. Revenue came in at $22.2 billion, also in-line with estimates, and rose some four percent from the same period last year. Citigroup (C) - Get Report shares were higher in Friday's session after reporting earnings of $1.24 a share, beating estimates by $0.14. Revenue dipped 10 percent year-over-year to $17.55 billion, but was still higher than Wall Street's forecasts. TheStreet's Scott Gamm reports from Wall Street.