Updated from 4:01 p.m. ESTStocks managed a rare winning session Friday but closed lower for the week again, as an unexpectedly large decline in December's producer price index eased some concerns about the Fed's need to take a more aggressive approach in raising interest rates to contain inflation. The Dow Jones Industrial Average rose 52.14 points, or 0.5%, to 10,558.00; the S&P 500 added 7.07 points, or 0.6%, to 1184.52; while the Nasdaq gained 17.35 points, or 0.8% to 2087.91, after it hit a new seven-week low yesterday. The Dow and S&P 500 both fell for the week, while the Nasdaq gained a fraction. U.S. markets will be closed Monday in observance of Martin Luther King Jr. Day. Volume on the NYSE was 1.34 billion shares, with advancers beating decliners by a ratio of 2 to 1. Volume on the Nasdaq was 2.07 billion shares, with advancers outpacing decliners by about the same ratio. In other markets, the 10-year Treasury bond was down 11/32 in price with the yield up to 4.21%, while the dollar was higher against the yen and lower vs. the euro. "Beyond the good economic news, the market has been stuck in a narrow range," said Ken Tower, chief market strategist with CyberTrader. "They rally, they hit a low, and then they rally back. The market is almost teasing anyone that's looking for a trend. While the undertone is weak, the actual progression has been quite flat." The government said the producer price index for December fell 0.7%. Economists expected a 0.2% decrease after a 0.5% uptick in November. Excluding food and energy costs, prices rose 0.1%, vs. a consensus forecast calling for a 0.2% increase. Energy prices dropped 4% during the month. "The PPI number puts inflation in context, that as we stand today, inflation is not the dramatic concern that most forecasts have built for 2005," said Barry Hyman, equity market strategist with Ehrenkrantz King Nussbaum. "It was a good number, it helps the market, but more importantly the industrial production numbers were even better, higher than expected. It's telling you the economy is in good shape." The PPI report received unusually high attention, given investors' recent worries that the latest minutes of the Fed's FOMC meeting showed heightened concerns about inflation. In other economic news, the central bank said that output at U.S. factories, mines and utilities rose 0.8% in December, better than the expected 0.4% increase. Comparatively, the number was 4.4% higher than in December 2003, and was up from a 0.2% gain in November. Energy prices rose again after Thursday's surge. In Nymex floor trading, the February crude contract closed up 34 cents to $48.38 a barrel, the highest level since Nov. 30. Crude futures gained $2.95, or 6.5% for the week.