Stocks finished higher in a tight-range session Friday, with the Dow and S&P 500 logging gains for the sixth-consecutive week, following a pair of better-than-expected economic reports.
All three major averages have rallied more than 10 percent since hitting their intraday lows on June 4.
The Dow Jones Industrial Average gained 25.09 points, or 0.19 percent to close at 13,275.90, but a few points below its closing high of December 2007. The blue-chip index traded in a tight 36-point range, its narrowest in more than two years.
The S&P 500 eked out a gain of 2.65 points, or 0.19 percent, to finish at 1,418.16. The Nasdaq climbed 14.20 points, or 0.46 percent, to end at 3,076.59.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, fell below 14, touching its lowest level in five years.
For the week, the Dow rose 0.51 percent, the S&P 500 added 0.87 percent, and the Nasdaq rallied 1.84 percent. Cisco led the weekly gainers on the Dow, while Merck sagged.
Among the key S&P sectors, techs led the gainers for the week, while utilities slumped.
Apple finished at a new all-time high after Jefferies boosted its price target on the stock to $900 from $800 a shareand reiterated its "buy" rating, citing bullish views on the tech giant's existing products, an expected launch of iTV in the next year and speculation that the iPad Mini has gone into production. (Read More: What Apple Has Taught Others)
Meanwhile, Groupon ended under $5 a share after Evercore Partners downgraded the daily-deal website's stock to "underweight" from "equal weight," saying Street estimates for the company remain too high.
And Facebook tumbled near $19 a sharea day following the end of the social-media giant's first lockup period earlier this week. The company's shares are now half off its IPO price of $38.
"This seems to be the rally that no one’s really enjoyed," said Chris Bertelsen, CIO at Global Financial Private Capital. "My view is that over the next week, we’ll see about a 1-percent pullback—we need some type of backfill. This has been an unanticipated run." (Read More: Sleepy Summer Markets Could Give Way to Rougher Fall)
