The Dow Jones (INDEX: ^DJI ) rode a strong start on Tuesday (the market was closed Monday) to close up 1.2% for the week (12,359.92).
The S&P 500 (INDEX: ^GSPC ) and Nasdaq (INDEX: ^IXIC ) followed suit, rising 1.6% and 2.7% each.
It was a week marked by low trading activity and no major news. There was some favorable economic data coming from retail, housing, and employment and continued anxiousness over the state of Europe's economy and tensions in the Middle East. The usual.
Looking at the individual Dow components, 22 out of the 30 stocks rose for the week. After ending 2011 as the worst-performing Dow stock, Bank of America came out roaring with an 11.2% increase for the week. It was followed by Microsoft [8.3%], Disney [6.4%], and JPMorgan Chase [6.3%]. The banking sector was buoyed Thursday by rumors of a big mortgage-refinancing program. The White House squelched the rumors later in the day, yet the gains mostly remain.
The biggest losers of the week were the telecom big boys, Verizon (NYSE: VZ ) [-4.5%] and AT&T (NYSE: T ) [-1.9%], as Verizon's CFO revealed the extent of the Apple iPhone's margin hit to the wireless business -- 500 to 600 basis points. Apple's market power is truly a marvel.
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