NEW YORK (CNNMoney.com) -- Stocks ended a choppy session higher Friday, with the market managing to carve out a second consecutive week of gains as buyers dipped back in after the May sell-off.
The Dow Jones industrial average (INDU),S&P 500 index (SPX) and the Nasdaq composite (COMP) all added a few points.
The Dow and S&P gained over 2% and the Nasdaq gained over 3%. Stocks rallied last week as well.
Investors were contending Friday with the quadruple options expiration, a quarterly event in which stock index future and options and individual stock futures and options are all expiring simultaneously. The process can create increased volatility in the underlying issues, particularly in the last hour of trade.
But stocks were a bit directionless amid a lack of market-moving corporate or economic news - and the fact that it was a Friday before a summer weekend. The direction over the short term is likely to stay volatile.
"It's going to be pretty choppy until the next big monthly jobs report comes out and the second-quarter earnings start in," said Ron Kiddoo, chief investment officer at Cozad Asset Management.
He said that on the upside, the correction that took the S&P 500 down about 14% in six weeks seems to be over for now. However, any gains in the weeks ahead are likely to be tepid amid the summer doldrums and ongoing questions about both Europe and the United States economy.
Worries about the fiscal debt crisis and the fallout from the BP oil spill were among the factors that led to the market's sell-off. Both issues continue to influence markets, but less dramatically than they did a month ago.
COMEX gold for August delivery closed up $9.60 at a record high of $1258.30. Gold hit a trading record of $1,263.70 during the session.
The week ahead brings reports on housing, jobs and the latest policy meeting from the Federal Reserve.
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