"It tells you the money is quick to be there."

On the data front, reports are expected on the service sector in June from the Institute for Supply Management on Monday, as well as the international trade deficit for May and the preliminary July reading on consumer sentiment from Reuters/University of Michigan surveys -- both on Friday.

Weekly initial jobless claims data will get more attention than usual after Thursday's non-farm payrolls fell much more than expected.

"If initial claims continue to rise, it will probably begin to cast some doubt about the strength of the recovery," said John Praveen, chief investment strategist at Prudential International Investments Advisers LLC in Newark, New Jersey.

(Editing by Jan Paschal)