Bounced on news from EU

Stocks soared Friday, and all three indexes closed out the first half of 2012 up more than 5%. Fears over Europe pushed stocks down nearly 10% in early June. Investors were relieved to see sky-high bond yields in Spain and Italy retreat from 7% -- the level that flashes bailout warning signals. The Chicago Purchasing Managers' Index for June came in at 52.9, slightly below expectations of 53, but up from 52.7 last month. Shares of Research In Motion fell 19%, after the BlackBerry-maker reported a wider-than-expected loss Thursday, and another delay of its long-awaited BlackBerry 10 operating system. We don't expect substantial upward movements next week as the QQQ ETF faces the strong resistance at the 64.6 level.