Dow Jones rises nearly 300 pts on gains in banks, strong retail sales data

Walmart slides after cutting earnings forecast; April retail sales rise in-line with estimates

US stocks climbed on Tuesday, as Citigroup led a surge in bank shares after Berkshire Hathaway disclosed a big stake and solid retail sales in April eased concerns about slowing economic growth.

Nine of the 11 major S&P sectors advanced in morning trade, with financials up 2.3% and technology 1.8%.

Microsoft Corp, Apple Inc, Tesla Inc and Nvidia Corp gained between 1.4% and 4%, providing the biggest boost to the S&P 500 and the Nasdaq.

Banks jumped 3.5%, with Citigroup climbing 7% after Warren Buffett's Berkshire Hathaway disclosed a nearly $3 billion investment in the U.S. lender.

U.S. retail sales increased strongly in April