Dow Jones Industrial Average

S&P 500

Friday, July 26 wrap

A little bit of everything happened this week.

Monday started off on a sour note, Wednesday saw the largest one-day percentage point gain in nearly 15 years, and Thursday and Friday saw the market essentially rest. The Dow Jones Industrial Average closed Friday at 8,264.39 gained more than 3 percent for the week, led by old stodgy types such as Merck and Procter & Gamble. Many companies announced share buybacks, which could signal a bottom for the market, some observers said.

The S&P 500 eked out a 0.6 percent weekly gain to 852.84 despite being shackled by AOL Time Warner, which is being investigated by the Securities and Exchange Commission. The Nasdaq Composite Index fell to 1,262.12, down more than 1 percent from the previous Friday.

This week's theme was retribution

On Tuesday a Congressional committee grilled bankers from Citigroup and J.P. Morgan Chase on their possible role in Enron's collapse. On Wednesday police handcuffed John Rigas, former CEO of Adelphia Communications, arresting him plus two of his sons and two other ex-executives, and charging them with treating that now-bankrupt company like a personal piggy bank. And on Thursday Congress approved legislation that would severely punish piggy bankers -- plus CEOs and others -- who deceive investors. President George W. Bush says he'll sign the bill.

Markets also took heart on Friday from stronger-than-expected consumer confidence numbers.

For a detailed breakdown of the week's events, see our Market Updates.