Wall Street Caps Dizzying Week With a 126-Point Rally

Dow In 1.5% Deficit For Volatile Week
U.S. stocks ended a dizzy week on a high note today, as Wall Street viewed the latest round of economic reports with rose-colored glasses. Specifically, investors celebrated encouraging data from the Commerce Department, which said seasonally adjusted retail sales jumped 0.5% in July -- the biggest monthly advance since April. The upbeat figures helped to overshadow a steep drop in the Reuters/University of Michigan consumer sentiment index -- which fell to a 31-year nadir in August -- and aided the bulls to their second straight victory. By the close, the Dow Jones Industrial Average (DJIA) added more than 125 points -- though even a triple-digit jump looked relatively modest against the backdrop of one of the most volatile weeks in years.

ANALYSTS' QUOTES
"There is no question the sharp selloff in asset markets around the world over the past few weeks, on top of an already fragile economic picture, had a major influence on today's reading."

"The consumer is at the center of the weak economy debate ... and as such, even a modestly better-than-expected number today provides us with some level of relief."

“It’s true the market is off its meds for the moment, but it’s still highly susceptible to headline news.”

“You’ve got some extremely confused investors out there."

The Dow Jones Industrial Average (DJIA – 11,269.02) ended with a gain of 125.7 points, or 1.1%, as all but nine of its 30 components finished higher. Leading the bullish majority was Boeing's (BA) 4.9% jump, while JPMorgan Chase (JPM) paced the laggards with a 2.1% retreat. After two straight days in the black, the Dow pared its weekly deficit to 1.5%.

Meanwhile, the S&P 500 Index (SPX – 1,178.81) advanced 6.2 points, or 0.5%, but still gave up 1.7% since last Friday. Finally, the Nasdaq Composite (COMP – 2,507.98) gained 15.3 points, or 0.6%, to end north of the 2,500 level for the first time in a week. What's more, the tech-rich COMP fared the best for the week, trimming its losses to about 1%. 

HAPPY WEEKEND