Stocks Climb Again, Posting the Biggest Weekly Gain in a Year

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New York Stock ExchangeStocks closed broadly higher on thin volume Friday, helping the major averages to their best weekly performance in a year. The materials sector led the market's gains at the end of a holiday-shortened week as consumer staples and health care stocks lagged.

The blue-chip Dow Jones Industrial Average ($INDU) rose 59 points, or 0.6%, to finish at 10,198. The broader S&P 500 ($INX) gained 8, or 0.7%, to 1,078. The more volatile, tech-heavy Nasdaq Composite ($COMPX) added 21 points, 1%, to close at 2,196.

This week's rally was welcome -- the Dow, S&P 500 and Nasdaq all tacked on about 5% in the last four days -- but there's not much to read into the action since so many traders are still on vacation from the July 4 holiday, says Doreen Mogavero, chief floor broker of Mogavero, Lee & Co.

"All eyes are on second-quarter earnings and outlooks," says Mogavero. Dow component Alcoa, (AA), the biggest U.S. aluminum maker, unofficially kicks off earnings season Monday.

For a view of Friday's action from the floor of the New York Stock Exchange (NYX), see the video below:

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Markets

S&P 500 2,190.03 -1.05 -0.05%
DJIA 19,157.24 -34.69 -0.18%
NASDAQ 5,251.18 0.08 0.00%
DAX 10,513.35 -20.70 -0.20%
HANG SENG 22,564.82 -313.41 -1.37%
NIKKEI 225 18,426.08 -87.04 -0.47%
USD (per EUR) 1.07 0.00 0.00%
USD (per CHF) 1.01 0.00 0.02%
JPY (per USD) 113.65 -0.25 -0.22%
GBP (per USD) 1.27 0.01 1.05%

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