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Stocks Rally For 4th Week; Dow's Apple, Caterpillar, McDonald's On Tap

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Quarterly earnings once again took center stage, as stocks held solid gains into the close Friday, extending the major market indexes' win streak for a fourth straight week. All eyes will be on Dow components Apple (AAPL), Caterpillar (CAT) and McDonald's (MCD), which report Tuesday.

The Nasdaq and S&P 500 each rose 0.5%, while the Dow Jones industrial average added 0.3%. Volume dipped slightly across the board vs. Thursday, according to preliminary data. For the week, the Nasdaq was the winner with a 1.4% gain; the S&P 500 and Dow climbed 0.6% and 0.3%, respectively.

Alcoholic beverage, transportation and software makers led the upside in today's stock market action, while shoe and apparel makers, homebuilders and oil stocks lagged. West Texas Intermediate crude oil futures slid 1.2% to $44.23 per barrel.

Boston Beer (SAM) scored the biggest gain in the alcoholic beverage group with a 15% spike in massive trade. The stock reclaimed its 200-day moving average for the first time in nearly nine months after the maker of Samuel Adams and Twisted Tea issued a strong Q2 report.

Starbucks (SBUX), which fell late Thursday after its fiscal Q3 revenue missed views, recovered with a 0.5% gain Friday in robust trade. Goldman Sachs lowered its price target on the coffee giant to 69 from 73.

Chipotle Mexican Grill (CMG) jumped 6% in fast turnover to close well above its 50-day line. After the close Thursday, the embattled fast-casual burrito chain reported lower-than-expected Q2 earnings and sales but noted progress in efforts to win customers back.

On the IBD 50, Gigamon (GIMO) took the lead with a 7% jump ahead of its earnings report Thursday after the close. The stock is extended more than 20% from a 34.24 handle buy point, in profit-taking range.

Among other IBD 50 stocks, Centene (CNC) and Paycom Software (PAYC) each added gains of 3% or more.

But Silicon Motion Technology (SIMO) shed 4% in fast trade in a third straight decline, despite reporting Q2 results after the close Thursday that topped views. Shares are 8% off their 52-week high.

Companies reporting earnings early next week include Gilead Sciences (GILD) on Monday, and Edwards Lifesciences (EW), Mobileye (MBLY) and Under Armour (UA) on Tuesday.

A light economic data schedule includes the Dallas Federal Reserve manufacturing survey for July.