Advancers outpaced decliners on the NYSE by a ratio of about 7 to 3, while on the Nasdaq, nearly two stocks rose for every one that fell.
Is the market back on its feet?
According to Jim Cramer, the way to tell is to monitor 6 influences in the market. When they all favor the bulls, the rally should have legs.
1. Interest Rates: "They either need to stabilize or go up at a much slower pace," Cramer said. In late May yields on 10-year Treasurys spiked to 2.2%—about a 13-month high. The Mad Money host believes a large degree of weakness in the market stems from resulting fears about how the sharp increase will ripple in the market.
2. Europe: "The market needs to feel as if Europe is getting stronger," explained the Mad Money host. And Cramer thinks that may already be starting to happen. Germany's central bank on Friday said a rise in exports may be a sign that its economy is starting to percolate. They also suggested it could lead to robust economic expansion in 2014.