What a Week: Bulls Run

"Overall, the tempo and tenor of what is undoubtedly the single-largest [weekly] release of data for the year was that the economy is poised to rebound in the second quarter and re-launch in the second half of the year," says Joseph Brusuelas, chief U.S. economist at IDEAglobal.

Traders mainly took a positive spin on Wednesday's FOMC minutes, which reiterated the central bank's concern about "uncomfortably high" inflation. But the Fed also acknowledged that housing "will continue to weigh heavily on economic activity for longer than previously expected," which some took as a precursor to a rate cut.

But rate-cut odds diminished considerably after Thursday's weaker-than-expected first-quarter revision to GDP contained signs of underlying economic vibrancy. The 0.6% growth was the slowest since 2002, but declining inventories, a lesser drag from housing and an upward revision to consumer spending spurred many economists to raise the growth forecasts for the remainder of the year.