For the week, the major indexes all locked in decent gains, which is a strong sign that market sentiment is indeed turning. I think we're seeing investors being convinced that we hit the bottom and from here we'll go through some softening of the economy. With Friday's advance, the blue chip index is more than 164 points above 10,787.99, where it started the year. In a similar vein, the Nasdaq rose 45.48 points to 2,191.68, rebounding from being down as many as 57 points. The latest unemployment data encompass past economic performance and are not necessarily seen as indicative of where the economy is headed.
Investors continue to look for reasons to buy stocks in anticipation of further gains.
Still, analysts said investors should temper their enthusiasm until further evidence emerges that the economy has stabilized. Market breadth was positive. Winners beat losers on the Nasdaq 2,264 to 1,551 as more than 2.04 billion shares were traded. On the New York Stock Exchange, advancers outpaced decliners 2,073 to 988 as more than 994 million shares changed hands. In other markets, Treasury securities edged higher.