The major averages confirmed a new rally attempt and ended higher for the week as investors digested the latest round of earnings and economic data. However, this was the second consecutive week that volume, a critical component of institutional demand, receded as the major averages advanced. Normally, one would like to see volume expand as the market rallies and contract when the market declines. In terms of new leadership, it was encouraging to see new 52-week highs outnumber new 52-week lows on the NYSE and Nasdaq exchange.