The Dow (DJI:^DJI - News) and S&P 500 (^SPX - News) closed the week with their seventh gain in eight sessions in a turnaround period for stocks that has seen investors' worst fears about the economy start to dissipate.
But the gains were made on the second lightest trading volume of the year so far as investors remained on guard for more deterioration in the market.
Michael Shea, managing partner at Direct Access Partners in New York, said the bears continue to be more active at the high end of the range.
"It's Datapalooza next week... If all the data points in one direction, which is unlikely, you might see a more substantive shift in sentiment. (But) getting a mixed message is the more likely outcome, perpetuating this current inertia we are experiencing," he said.
Next week's economic calendar includes retail sales due on Tuesday, industrial production and capacity utilization on Wednesday, the Producer Price Index and jobless claims on Thursday and then the Consumer Price Index and University of Michigan/Thomson Reuters consumer confidence on Friday.
Adding to volatility, Friday also marks the end of the "quadruple witching" period - the quarterly settlement and expiration of four different types of September equity futures and options contracts.
Expiration usually leads to greater volume and volatility as players adjust or exercise their derivative positions.
But the two-day event, which only happens four times a year in March, June, September and December, could stir up more sudden swings in the market as traders close hedging positions or roll them over at the last minute.
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Dow Jones Industrial Average
(DJI: ^DJI)| Index Value: | 10,462.77 |
|---|---|
| Trade Time: | 4:08PM EDT |
| Change: |  47.53 (0.46%) |
| Prev Close: | 10,415.24 |
|---|---|
| Open: | 10,415.01 |
| Day's Range: | 10,403.17 -10,471.28 |
| 52wk Range: | 9,378.77 -11,309.00 |
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