(Double dip recession poll article updated for Monday market trading)NEW YORK ( TheStreet) -- Last week's trading began with big fears of a double-dip recession, but in the end the markets shrugged of the nattering nabobs of negativity. The three major U.S. equity indexes -- the Dow, S&P 500 and Nasdaq -- all finished with weekly gains over 5% by the close of Friday trading. The price of crude oil surged above $76 on Friday, and crude also gained over 5% for the week, its largest weekly gain since May. In short, what was a bad start for the July 4 holiday-shortened week, ended as one of the market's best weeks of trading in 2010. Even dogs had their day. Take Monsanto ( MON), down more than 40% this year, but ending the week with a 7% gain on Friday. It's hard to forget about BP ( BP), which is up roughly 24% over the past two weeks. On Monday, BP surged another 7% as its effort to place a tighter seal on the leaking oil well neared success as a way to staunch the flow of oil, and M&A whispers increased that BP might, in the least, sell $12 billion in Alaska oil assets to independent oil and gas company Apache. There was a plethora of economic news to help the markets move higher last week, but on Monday, there was little direction offered by the markets ahead of the first important earnings reports of the season, Alcoa and railroad CSX. The markets were close to flat on Monday afternoon. Before this week's data flood begins with the first earnings specific numbers from U.S. bellwether stocks, let's recap the macroeconomic data from last week. Initial jobless claims fell 21,000 to 454,000 last week, according to the Department of Labor, the largest weekly drop since mid-April, and exceeding the expectation of economists. On Thursday, the closely watched U.S. Department of Energy crude inventory report showed inventories decreased by 5 million barrels for the week ended July 2, a bigger decline than expected by analysts surveyed by Platts, who had forecast a decline of 3.5 million barrels of oil. Analysts polled by Reuters expected an even smaller decline of 2.3 million barrels. The European Central Bank kept a benchmark interest rates unchanged at 1% and the International Monetary Fund upped its global growth forecast.