Stocks closed broadly higher on thin volume Friday, helping the major averages to their best weekly performance in a year. The materials sector led the market's gains at the end of a holiday-shortened week as consumer staples and health care stocks lagged.

The blue-chip Dow Jones Industrial Average ($INDU) rose 59 points, or 0.6%, to finish at 10,198. The broader S&P 500 ($INX) gained 8, or 0.7%, to 1,078. The more volatile, tech-heavy Nasdaq Composite ($COMPX) added 21 points, 1%, to close at 2,196.

This week's rally was welcome -- the Dow, S&P 500 and Nasdaq all tacked on about 5% in the last four days -- but there's not much to read into the action since so many traders are still on vacation from the July 4 holiday, says Doreen Mogavero, chief floor broker of Mogavero, Lee & Co.

"All eyes are on second-quarter earnings and outlooks," says Mogavero. Dow component Alcoa, (AA), the biggest U.S. aluminum maker, unofficially kicks off earnings season Monday.

For a view of Friday's action from the floor of the New York Stock Exchange (NYX), see the video below: