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

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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DJIA 24,706.35 336.25 1.38%
NASDAQ 7,157.23 72.77 1.03%
NIKKEI 225 20,706.66 -12.67 -0.06%
DAX 11,136.20 -69.34 -0.62%
HANG SENG 27,105.79 -90.75 -0.33%
USD (per EUR) 1.14 0.00 0.02%
JPY (per USD) 109.53 -0.14 -0.13%
GBP (per USD) 1.29 0.00 0.02%
USD (per CHF) 1.00 0.00 0.01%