Concerns about banks and a disappointing drop in revenue at General Electric halted a broad market rally Friday, but spared the tech sector. Thanks to a surge that sent the shares of Google Inc. up more than 11 percent, the tech-focused Nasdaq composite index rose by more than 1 percent.
Stocks jumped early after Federal Reserve chairman Ben Bernanke reiterated that the central bank is ready to do more to stimulate the economy. Bernanke's comments were the latest confirmation the central bank is about to step up its purchase of Treasury bonds to spark growth.
But that burst of optimism couldn't fully overcome worries about how banks like Bank of America Corp. and JPMorgan Chase & Co. handled the foreclosure process on mortgages.
The Dow Jones industrial average fell 31.79, or .29 percent, to 11,062.78.
The Standard & Poor's 500 index rose 2.38, or 0.2 percent, to 1,176.19.
The Nasdaq composite index rose rose 33.39, or 1.37 percent, to 2,468.77.
For the week:
The Dow is up 56.3, or 0.51 percent.
The S&P is up 11.04, or 0.95 percent.
The Nasdaq is up 66.86, or 2.8 percent.
For the year:
The Dow is up 634.73, or 6.08 percent.
The S&P is up 61.09, or 5.47 percent.
The Nasdaq is up 199.92, or 8.79 percent.