The stock market opened quietly this week, roared to a big gain Tuesday and then faded into consolidation in this holiday-shortened week.
The market, which dropped 89.36 the prior week, was closed Friday due to the Good Friday holiday.Analysts liked Tuesday's 50-point rise and thought the market's meager gains Monday and Wednesday may have provided the framework for advances in future sessions.
The Dow Jones industrial average declined 3.71 Friday to end the four-day week at 2913.86. For the week, the Dow advanced 54.95, or about 1.9 percent.
Broader market indexes also rose for the week. Standard & Poor's 500-stock index increased 7.74 to end the week at 375.22, and the New York Stock Exchange composite index climbed 4.17 to finish out the week at 205.30.
Advances led declines 1,240-632 among the 2,192 NYSE issues traded this week. Weekly Big Board volume totaled 701,719,620, compared with 892,142,050, the prior week and with 662,125,494 a year ago.
The market opened with a small gain in dull trading Monday. Analysts expected a slow week because of the Easter and Passover holidays.
On Tuesday the market roared higher to pick up about 50 points. Analysts credited the gains to window dressing, when money managers buy well-performing stocks to improve the portfolio for the quarter's end, and a surge in technology stocks.
Momentum carried the market forward Wednesday, but the rally faded and the market closed with a small gain.
"This was a boring, very quiet week," said Richard Kelley, senior vice president at Dain Bosworth Inc. in Omaha. "At this stage, the window dressing has been accomplished."