NEW YORK, Oct. 26 (Xinhua) -- U.S. stocks ended basically flat on Friday as investors weighed disappointing earnings from Apple and Amazon against stronger-than-expected economic growth.
When the market closed, the Dow Jones Industrial Average edged up 3.53 points, or 0.03 percent, to 13,107.21. The Standard & Poor 's 500 dipped 1.03 points, or 0.07 percent, to 1,411.94. The Nasdaq Composite Index added 1.83 points, or 0.06 percent, to 2, 987.95.
For the whole week, the Dow dropped 1.77 percent, the S&P 500 fell 1.48 percent, and the Nasdaq slipped 0.59 percent.
Major indexes seesawed between gains and losses throughout the day. Stocks got an early boost after the Commerce Department said the U.S. economy expanded at a 2.0 percent annual rate in the third quarter, beating expectations.
Another report from the Thomson Reuters/University of Michigan, its final reading on the overall index on consumer sentiment rose to 82.6 in October, the highest level in five years,
However, Apple and Amazon posted weaker-than-expected earnings late Thursday, making investors more concerned over corporate earnings.
Apple dropped nearly 1 percent after the tech heavyweight reported a second straight quarter of disappointing results. Meanwhile the company also forecasted revenue and margins below Wall Street forecasts.
Amazon.com, the world's largest online retailer, posted its first quarterly net loss since 2003 as a result of higher costs. But its shares surged nearly 7 percent after industry analysts said the company will see long-term benefits from its current increases in expenses and what is a typically strong holiday shopping season.
Wall Street has been under pressure in recent weeks as weak third-quarter profit-reporting make investors feel less confident about the economy.
So far, nearly half of the companies in the S&P 500 have reported third-quarter profits and more than 62 percent have topped expectations, in line with historical averages, according to Thomson Reuters.
However, revenues of the companies have been weak, with only 36. 3 percent topping estimates, far below the normal beat rate of 62 percent.
At the same time, lots of bellwethers gave gloomy outlook for the whole year amid uncertainties such as upcoming presidential election and a looming "fiscal cliff".
In other markets, the U.S. dollar retreated against the Japanese yen on Friday despite favorable economic data, and the euro lost slightly against the greenback due to smaller risk appetite.
Light, sweet crude for December delivery Friday rose 23 cents, or 0.27 percent to settle at 86.28 dollars a barrel on the New York Mercantile Exchange. For the week, it fell 3.77 dollars, or 4. 19 percent.
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