NEW YORK - U.S. stock indexes were mixed Friday as investors assessed the latest batch of earnings news. Google surged after reporting strong results, while Chevron and other oil and gas companies followed the price of crude oil lower.
The Standard & Poor's 500 index rose 3 points, or 0.1 percent, to close at 2,127. The S&P 500 ended the week with a gain of 2.4 percent, the best performance for the broad-market measure in four months.
The Dow Jones industrial average fell 34 points on Friday, or 0.2 percent, ending at 18,086. For the week, though, the Dow added 1.8 percent. And the Nasdaq composite piled on 46 more points, or 0.9 percent, finishing on Friday at 5,210. The tech-heavy index closed at another all-time high after Thursday's record close. That brought the Nasdaq's weekly climb to a hefty 4.25 percent.
Google, the Internet search giant, jumped after reporting profits and sales that topped analysts' forecasts late Thursday. The results ended six consecutive quarters in which Google's earnings fell short of analysts' targets. Google's Class A shares (GOOGL) rose $97.84, or 16.3 percent, to close at $699.62. They had touched above $700 at one point on Friday.
Major markets climbed this week as Greece and its creditors came to an agreement on the framework for a new three-year loan program. On Friday, the deal cleared another hurdle when German lawmakers overwhelmingly backed it. The European Union also said it would get Athens enough money for it to enable it to make its debt payments.
The market had slumped in recent weeks amid concerns about China's plunging stock market and the prospect of Greece defaulting on its debts and leaving the euro. "It appears the sky is clearing," said Linda Duessel, senior equity strategist at Federated Investors. "Greece and China have been bogging us down, and now it looks like we're going to challenge the record high."
Comerica (CMA) reported a drop in quarterly earnings, partially a result of the Dallas-based bank setting aside more money to cover losses on loans to energy companies. The news drove Comerica's stock down $3.41, or 7 percent, to $47.05.
Major markets in Europe were mixed after rallying earlier this week. Germany's DAX fell 0.4 percent while France's CAC edged up 0.1 percent. Britain's FTSE 100 dropped 0.3 percent.
Benchmark U.S. crude fell 41 cents to $50.52 a barrel on the New York Mercantile Exchange. Brent crude, an international benchmark, dropped 20 cents to $56.88 a barrel in London. The price of U.S. crude has dropped 16 percent this month.
Gold fell $12 to $1,131.90 an ounce. Silver dropped 14.4 cents to $14.92 an ounce and copper fell 2.7 cents to $2.50 a pound.
Bond prices edged higher, pushing the yield on the benchmark 10-year Treasury note down to 2.34 percent from 2.35 percent on Thursday. The dollar dropped to 124.06 yen while rising to $1.085 for every euro.