WALL STREET : Bulls End The Week With A Bang

Major indexes record robust weekly gains
Dow gains roughly 650 points over five-day streak
The bulls reigned supreme for the fifth straight session today, as Wall Street celebrated a round of robust manufacturing data. Specifically, the Institute for Supply Management (ISM) said its index of manufacturing activity improved for the first time in four months in June, which helped take the sting out of a drop in consumer sentiment. 
Against this backdrop, the Dow Jones Industrial Average (DJIA) notched its fourth triple-digit advance in five sessions, marking its best weekly performance since March 2009. On the flip side, the descending CBOE Market Volatility Index (VIX - 15.87) -- also dubbed the market's "fear gauge" -- suffered its heftiest week-over-week drop since August 2007, giving up about 24.8%.

The Dow Jones Industrial Average (DJIA – 12,582.77) added 168.4 points, or 1.4%, to end above 12,500 for just the second time since May 20. In fact, all of the Dow's 30 blue chips settled in the black, led by Alcoa's (AA) 2.8% advance. For the week, the index tacked on an impressive 5.4%.

The S&P 500 Index (SPX – 1,339.67) followed suit, gaining 19 points, or 1.4%, to end above the 1,333 level -- or double its March 2009 low -- for the first time in more than a month. Meanwhile, the Nasdaq Composite (COMP – 2,816.03) soared 42.5 points, or 1.5%, to take back the 2,800 level -- a feat not accomplished since May 31. For the week, the SPX rallied 5.6%, while the tech-rich COMP powered nearly 6.2% higher.

ANALYSTS' QUOTE

“The drivers [of the week’s advance] were end-of-quarter window dressing by managers wanting to look good, coupled to corporate-stock buybacks, with a little dumb money thrown in for good measure.”

“The economic numbers came out strong, the market took off and hasn’t receded since.”

"Sentiment has rapidly changed, but the jobless situation is getting worse, not better."

"I expect manufacturing will take us out of the soft patch and lead economic growth in the second half of the year."

"Over the next few months the market's going to face another period of angst related to the debt ceiling."

"I don't think this is the beginning of a bear market."

The U.S. markets will be closed Monday for the July 4th holiday, but for investors the real fireworks won’t come until Friday when the June labor numbers are released.

HAPPY WEEKEND