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NEW YORK (CNNMoney.com) -
Stocks managed to extend the market's recent rally Friday in a shortened trading session after the Thanksgiving holiday.
The Dow Jones industrial average (up 15.53 to 10,931.62, Charts), the broader S&P 500 (up 2.64 to 1,268.25, Charts) index and the Nasdaq composite (up 3.03 to 2,263.01, Charts) all rose modestly, with the S&P 500 the biggest gainer.
The major stock gauges managed gains for the week as well, for the fifth week in a row for the Dow and S&P and the sixth for the Nasdaq. Trading was quiet and the market closed at 1 p.m. ET, three hours early. Treasury bonds rose in quiet trading, also in a shortened session.
Financial markets were closed Thursday for Thanksgiving.
With no economic or earnings news released Friday, retail sales were the main focus for investors, said Peter Cardillo, chief market analyst at S.W. Bach & Co.
The day after Thanksgiving, known as "Black Friday," is seen as an important barometer for the strength of the holiday-shopping season. Reports from retailers suggested a strong start to the key period. (Full Story.)
Retailers will provide a fuller account of the kickoff to the season after the weekend. Investors will also be looking at a string of economic news next week, with reads due on gross domestic product, auto sales, manufacturing and, on Friday, the November jobs report.
"I think the market will continue to move higher next week as we sort through the economic numbers," Cardillo added. "Perhaps the advance won't be as vivacious as it has been, but the upward trend is in place."
The more than month-long rally has left the S&P 500 and the Nasdaq at 4-1/2 year highs and the Dow industrials just below 4-1/2 year highs.
What moved?
Retailers were active.
Among the movers, electronics retailers Best Buy (up $1.63 to $50.63, Research) and Circuit City (up $0.51 to $21.38, Research) both gained, as well as iPod maker Apple (up $2.23 to $69.34, Research).
A slew of chip stocks gained, lifting the Philadelphia Semiconductor (up 4.13 to 484.61, Charts) index, or the SOX, about 0.9 percent.
Microsoft (down $0.16 to $27.76, Research) inched lower on a report that it loses money on each Xbox video game console sold, due to production costs.
Troubled automaker General Motors (down $0.66 to $22.86, Research), which recently announced a massive restructuring -- slid another 2.8 percent. The company's CEO said Friday that it will sell more vehicles abroad this year than in the United States.
Taser International (Research) slumped more than 12 percent in active Nasdaq trade after the stun gun maker said it received a delisting notice from the Nasdaq, because it delayed filing its quarterly notice.
Market breadth was positive. On the New York Stock Exchange, winners beat losers three to two on volume of 540 million shares. On the Nasdaq, advancers edged decliners on volume of 680 million shares.
Treasury prices jumped, lowering the yield on the 10-year note to about 4.43 percent from 4.48 percent late Wednesday. Treasury prices and yields move in opposite directions.
The dollar gained versus the euro and the yen.
In global trade, major Asian and European markets mostly ended higher.
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