Yahoo [BRIEFING.COM]: Stocks ended the week on a strong note by logging impressive, broad-based gains. That gave the S&P 500 its fourth straight weekly advance, during which time it has climbed 15% and left stocks at fresh highs for 2009.

Friday's positive bias followed a better-than-expected jobs report, which showed the fewest amount of job losses in nearly one year by coming in at 247,000 for July. The consensus estimate called for 350,000 job losses. Meanwhile, the unemployment rate eased back for the first time since April by coming in at 9.4%, down from 9.5%. It was expected to click up to 9.6%.

Though economic conditions aren't yet optimal, participants responded to the data with a concerted buying effort. There was some profit taking that followed the market's initial gap up and gains faded into the close, but a persistent bid has kept the stock market's overall momentum trending upward.

The upbeat tone helped drive the U.S. dollar sharply higher. In turn, the Dollar Index logged its best single-session percentage gain since mid June by jumping 1.2%.

Nine of the 10 major sectors in the S&P 500 finished higher. Energy (-0.1%) was the sole decliner after oil prices fell 1.5% to settle at $70.88 per barrel amid a stronger dollar. Consumer discretionary stocks logged the best gains by advancing 3.3% as the sector made its way to a fresh high for 2009. Industrial stocks (+2.5%) and financials (+2.7%) were also propelled to fresh highs 2009.

AIG (AIG 27.14, +4.61) was a primary leader in the financial sector after posting its first profit since 2007. What's more, the company's earnings exceeded expectations. On the other hand, Ambac Financial (ABK 1.04, -0.34) plummeted after reporting a considerable loss for the second quarter.

Beazer Homes (BZH 3.82, +0.51) reported a less severe loss than what had been expected of the company and it also unveiled a lower cancellation rate and a higher number of closings. Beazer's pleasing results and comments came just a few days after pending home sales for June made a surprisingly strong increase. Homebuilders finished the session 7.2% higher, but up some 13% for the week.

Despite what would seem to be a couple of encouraging developments from the housing sector, mortgage financer Fannie Mae (FNM 0.65, -0.14) failed to keep the good news going when it posted a deeper-than-expected loss for the latest quarter. Its shares plummeted.

Trading volume was decent as nearly 1.5 million shares exchanged hands on the NYSE this session. Low trading volume has been a consistent characteristic of trading this summer, though. According to recent data, average daily volume for the NYSE, NYSE Arca, and NYSE Amex U.S. cash products in July 2009 dropped 24% year-over-year.

News flow will likely slow next week since the number of companies scheduled to make quarterly announcements drops dramatically. That will bring economic data into sharper focus and leaves the August 12 FOMC meeting as the key event. DJ30 +113.81 NASDAQ +27.09 NQ100 +1.2% R2K +2.7% SP400 +2.6% SP500 +13.40 NASDAQ Adv/Vol/Dec 1913/2.35 bln/755 NYSE Adv/Vol/Dec 2354/1.47 bln/685