Stocks eked out a gain Friday amid "quadruple witching" volatility but ended the week up 2.3 percent as investors scooped up beaten-down shares. Gold soared to another record high.
The Dow Jones Industrial Average rose 16.47, or 0.2 percent to close at 10,450.64.
The S&P 500 and Nasdaq each gained about 0.1 percent.
For the week, the gains were much more robust: The Dow gained over 200 points, or 2.3 percent. All three major indexes managed to pull out of correction territory by week's end, down less than 10 percent from their recent highs, and into positive territory for the year.
Energy, financials and materials and industrials were the leaders for the day. For the week, utilities and techs were at the front of the pack, while consumer discretionary and telecoms were weak.
"Quadruple witching" is the simultaneous expiration of stock index futures, single stock futures, stock options and stock index options, an event that notoriously stirs a lot of volatility in the market.
The CBOE volatility index, widely considered the best gauge of fear in the market, was below 24 at the closing bell, down 17 percent from where it ended last week.
“Traders tend to stay aside [during quadruple witching] and as a result, there’s not a lot of liquidity,” said Doug Roberts, chief investment strategist at Channel Capital Research. “I wouldn’t really get aggressive right now, but I prefer the small-cap area.”
Large-cap techs were mostly higher, with Cisco near the topof the Dow. And Apple rosenear the top of the Nasdaq pack after Susquehanna raised their price target on the iPhone maker to $335 from $325.
Investors juggled between the risk trade and playing it safe this week as utilities, technology and industrials are the week's winning sectors, while consumer discretionary and telecom were the laggards.
Caterpillar rose 1.4 percent after the company reported dealer sales of heavy machinery rose 11 percentin the three months ending in May, snapping a nearly two-year decline, amid strong demand from Asia.
Citigroup shares rose 1.3 percent as the bank is mulling a plan to raise $3 billionin private equity and hedge funds this year.
Gold soared to a new closing high, settling at a record above $1,258 an ounce, while oil rose more than $3, settling at $77.18 a barrel.
Energy stocks were one of the day's best performers after Bernstein raised their price targets on oil giants Chevron , ConocoPhillips and Hess .
BP shares rose amid some relief after Congress grilled CEO Tony Hayward and there was some buzz about Hawyard being ousted and who might succeed him.
During the dramatic hearing on Thursday, lawmakers lambasted CEO Tony Hayward’s “lack of candor.” Hayward infuriated representatives with his evasive explanations regarding the spill, referring to multiple variations on the same them: That he had no direct involvement or knowledge of problems on the Deepwater Horizon, even though engineers lower down in BP's hierarchy had spoken about a "nightmare well."
Meanwhile, shares of Transocean jumped more than 10 percent, but the bump was mainly attributed to the deepwater driller being added to the Swiss stock index at the close of trading in Europe today.