US stocks started July with a bang on Friday with Wall Street scoring its best week in two years on strong manufacturing data that eased concerns about slowing growth.
The data spurred the rally into a fifth straight day, even as continued light trading volume called into question the sustainability of the gains.
Investors were growing more optimistic a day after a temporary resolution to Greece's debt situation. The S&P 500 climbed further above resistance at its 50-day moving average at 1,317, establishing another floor in the market after the benchmark index moved above a number of technical resistance levels.
"The magnitude of today's move is undoubtedly due to the light volume," said John Norris, director of wealth management with Oakworth Capital Bank in Birmingham, Alabama. "We'll take positive movement, however we can get it, but the gains could prove somewhat illusory."
Volume was light, with 6.2 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, well below the year's daily average of 7.55 billion.
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