The major averages left bulls smiling for the week, despite a down day Friday.

The

Dow Jones Industrial Average

, the

S&P 500

and

Nasdaq Composite

rose 6.8%, 6.2% and 6%, respectively, in the past week.

On Friday, the Dow dropped 148.38, or 1.9%, to 7776.18, the S&P 500 lost 16.92 points, or 2%, to 815.94, and the Nasdaq fell 41.80 points, or 2.6%, to 1545.20.

The stock market has had a more upbeat feel lately, encouraged by increased consumer spending, and improving new-home sales and durable goods orders. But companies are continuing to shed jobs, and seven states now have unemployment in double digits. So it may be too early to call a turning point.

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