DOW - 13,000 soon?

12,950.10 46.02(0.36%)

By: JeeYeon Park

CNBC.com Writer

Stocks closed mixed in thin trading Friday ahead of the three-day holiday weekend, but all major averages logged robust gains for the week following some positive economic news and amid optimism that Greece will soon find a solution to its debt crisis.

The Dow Jones Industrial Average ended higher, led by DuPont [DD 51.48 0.95 (+1.88%) ] and Intel [INTC 27.37 0.545 (+2.03%) ], but finished shy of the psychologically-important 13,000 mark.



The S&P 500 also closed in positive territory, the Nasdaq pulled back after several days of gains. The S&P and Nasdaq logged their sixth positive week in seven.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, ended below 18.

"No one wants to risk staying short if there is really a deal in Greece over the weekend," said Brian Battle, vice president of trading at Performance Trust Capital Partners. "But the sustainability of the rally is another question."


Optimism in Europe grew after German officials gave up plans to pressure Greece by withholding part of the bailout. European shares ended higher as investors bet that Greece would sign a deal to secure a second bailout by Monday, avoiding a messy default.

Meanwhile, German president Christian Wulff resigned amid a scandal over political favors. The move comes as a blow to chancellor Angela Merkel who had personally selected Wulff for the post. Merkel also postponed a trip to Rome to meet Italian Prime Minister Mario Monti.

“Friday before a three-day weekend has a natural prejudice the upside,” said Art Cashin, director of floor operations at UBS Financial Services. “Interestingly, the Friday before the Presidents’ day is the weakest of the lot.”

The stock market will be closed next Monday for Presidents' day.