Hello, I'm Mike Santoli. Welcome to the CNBC special Taking Stock. This has been the best week of the year for the markets and the best hour of television for you. And I'm not saying that just because Josh Brown isn't here.

Liz Young Thomas and Dan Greenhouse joining me

for the hour as we break down this week's market moves and get you ready for what could be

another wild consequential week from Wall Street to Wyoming. Let's get right to it. We are on the

clock. The biggest stories of the day and the week, we are going to start with that rollicking week on Wall Street.

Stocks turning in their best week of the year,

with the NASDAQ surging 5% on the week.

Both the S&P and the down, now less than 2% off of all-time highs.

The last week's volatility spike,

all but erased from the market's collective memory anyway. So

client comes to you and says, what happened? I mean, was the downside an overshoot, Liz?

Has the rebound been a little bit too far too fast? What were we trying to reprice through all this?

Well, I think much like some of the last recoveries that we've had after

pullbacks, this was a little game of put the money back where it came from. So yes, last Monday,

I think, was an overshoot to the downside. But the market always does that. That's not new.

We overshoot to the upside. We overshoot to the downside. So that was an overreaction.

But I think it's important to note that even after Monday, we didn't start

recovering right away. We tried and failed Tuesday and Wednesday. We didn't really start

rallying again until Thursday, which to me says this market now needs good news in order to

rally. So we needed good initial jobless claims, which we got last week, and then we got another one

this week. We needed good retail sales. We needed good results from somebody like Walmart. We needed

a tame CPI and PPI. So we got all of that, and the market now felt justified to keep going up.

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