Stock market ends with biggest weekly gain in a year

The stock market ended its best week in a year with another gain Friday as investors placed their final bets before the start of second-quarter earnings reports.

The Dow Jones industrial average rose 59.04 points, or 0.6 percent, to finish at 10,198.03.

That gave the Dow its biggest weekly advance in a year, 5.3 percent. Broader indexes also posted bigger gains. The Standard & Poor's 500 index rose 7.71, or 0.7 percent, to 1,077.96, while the technology-focused Nasdaq composite index rose 21.05, or 1 percent, to 2,196.45.

Trading volume was light, but traders appeared optimistic about company reports that will be announced starting next week. Stocks also got a lift from news that China renewed Google's license to operate in the country. Google rose 10.93 points, or 2.4 percent, to $467.49.

News on the economy wasn't as upbeat. Inventories held by wholesalers rose in May for a fifth straight month though sales dropped for the first time in more than a year. It was the first drop since March 2009, when major stock indexes hit a 12-year low. - AP