The major benchmarks extended their gains on Friday to close out the session with solid wins, though for the week all three registered substantial losses. The Dow added more than 360 points, with tech stocks and reopening plays leading the way higher. The S&P 500 and Nasdaq registered strong gains as well, though the latter stands out as this week's underperformer, logging its biggest one-week drop in over two months. Meanwhile, the Cboe Volatility Index (VIX) -- Wall Street's fear gauge -- fell for the day, but still managed to score is best week since late February.

In other news, advance retail sales data showed consumer purchases slowed down in April. A generally upbeat earnings season seemed to overshadow the disappointing data, though, as investors bought the dip on stocks in hopes that the bull market could run further still.

The Dow Jones Average (DJI - 34,382.13) rose 360.7 points, or 1.1% for the day, and fell 1.1% for the week. Goldman Sachs (GS) led the Dow components with a 2.8% rise, while Walt Disney (DIS) paced the laggards, falling 2.6%.

Meanwhile, the S&P 500 Index (SPX - 4,173.85) added 61.4 points, or 1.5% for the day, and dropped 1.4% for the week. The Nasdaq Composite (IXIC - 13,429.98) jumped 305 points, or 2.3% for the day, and lost 2.3% on the week.

Lastly, the Cboe Volatility Index (VIX - 18.81) lost 4.3 points, or 18.7% for the day, but added 12.7% for the week.

GOLD PRICES NOTCH SECOND-STRAIGHT WEEKLY WIN

Oil prices were higher on Friday after Colonial Pipeline reopened its 5,500-mile pipeline, which supplies 45% of the gas the U.S. East Coast needs. Prior to that, a ransomware attack that resulted in shutdowns also triggered bouts of panic-buying and gas station closures across the Southeast. In response, June-dated crude rose $1.55, or 2.4%, to settle at $65.37 per barrel for the day. For the week, the commodity registered a 0.7% gain.

Meanwhile, gold prices registered their second-consecutive weekly win, after closing at their highest level since February. Boosting the yellow metal was dismal U.S. retail sales growth data for April, which eased fears of a shift in economic policy. In turn, June-dated gold added $14.10, or 0.8%, to settle at $1,838.10 an ounce for the day. For the week, prices were 0.4% higher.