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:

Read Full Story


NASDAQ 7,364.30 20.06 0.27%
S&P 500 2,716.94 4.02 0.15%
DJIA 24,727.27 116.36 0.47%
NIKKEI 225 21,380.97 -99.93 -0.47%
HANG SENG 31,414.52 -135.41 -0.43%
DAX 12,294.69 -12.64 -0.10%
USD (per EUR) 1.23 0.00 0.25%
USD (per CHF) 0.95 0.00 -0.20%
JPY (per USD) 106.31 -0.16 -0.15%
GBP (per USD) 1.41 0.01 0.44%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.