NEW YORK (CNN/Money) - The market closed out a second consecutive winning week with modest gains for the major indexes Friday after investors succumbed to fatigue following some stellar triple-digit rallies.

The Dow Jones industrial average (up 47.36 to 8322.40, Charts) ended higher and about 100 points above its intraday low. The Nasdaq composite (up 15.57 to 1287.86, Charts) and the Standard & Poor's 500 index (up 5.19 to 884.39, Charts) also closed modestly higher.

The week's gains were anything but modest; the Dow closed up 6 percent, the Nasdaq jumped 6.4 percent, and the S&P 500 rose 5.9 percent. Moreover, the major indexes have not had two straight weekly gains since August.

Market breadth was mixed on strong volume. On the New York Stock Exchange, decliners edged advancers as 1.4 billion shares traded. On the Nasdaq, winners edged losers as 1.6 billion shares changed hands.

Saturday marks the 15 year anniversary of Black Monday. CNNfn's Myron Kandel takes a look back at the day the stock market crashed. Play video (QuickTime, Real or Windows Media)

Technology issues got caught up in a tug-of-war between bullish and bearish news from bellwether names. Software stocks saw weakness despite Microsoft's strong quarterly results and upbeat forecast, while financial issues were the culprits for the broader market.

"Today's swings reflected uncertainty at the end of a week in which investors were pelted by wildly conflicting news on both earnings and the economy," said John Bollinger, technical analyst with Bollinger Capital Management. "Every good report this week has met with a bad report. Yes, the market is trying to establish a bottom but it's not a done deal yet."

Another factor at play was Friday's "double witching" session; the October expiration of stock and index options often is responsible for volatility in both the fixed-income and equities markets.

Meanwhile, the 15-year anniversary of Black Monday takes place over the weekend. The stock market crash of Oct. 19, 1987, was the single worst day of the stock market's history.

Stocks rose during six of the last seven sessions, taking the Dow up 13 percent, or more than 1,000 points. That's the biggest seven-day percentage gain for the blue-chip index since 1982. The Nasdaq climbed more than 15 percent in the same period while the S&P 500, a gauge of the broader market, also is up 13 percent.

Bullish forecasts from a trio of blue chips -- Citigroup, General Motors and Johnson & Johnson -- Tuesday jumpstarted the week's rally mode, but Intel's warning yanked stocks back down Wednesday. But IBM's optimistic forecast after the close Wednesday reignited the positive momentum which carried through to the end of the week.

Some market watchers said the week-long bull run that took in a one-day pause Wednesday reflected a positive change in investing sentiment.

"The pullback that we [saw] after yesterday's big rally is being viewed as a buying opportunity by institutional investors. So instead of selling on the rallies, they're now buying on the dips. Hedge funds, for example, don't want to miss this buying opportunity if the market indeed is bottoming," said Dodge Dorland, chief investment officer with Landor Investment Management.

Going into next week, the parade of quarterly results include Dow members 3M, AT&T, McDonald's and International Paper.

Analysts said the market could trend sideways for a few days as investors look to consolidate after coming off a strong week.

Software leader Microsoft (MSFT: up $2.38 to $53.15, Research, Estimates) posted results that trounced Wall Street estimates for its fiscal fourth quarter on strong sales, although it lowered its forecast for its second quarter, which ends in December. Microsoft said it expects its 2003 estimates to exceed analysts' current estimates on the back of its revenue surge in the first quarter.

Microsoft's (MSFT: up $2.38 to $53.15, Research, Estimates) stronger-than-expected first-quarter profit and upbeat full-year guidance went head-to-head against a negative forecast from some of its sector mates and No. 1 Unix server maker Sun Microsystems (SUNW: down $0.25 to $2.74, Research, Estimates).

Also countering Microsoft's positive news was a warning from Siebel Systems (SEBL: down $1.10 to $6.20, Research, Estimates). The software maker, which posted a third-quarter loss Thursday that missed estimates, said it expects fourth-quarter revenue and earnings to be down significantly from the year earlier. It also indicated that Microsoft is not buying or investing in the company.

UBS Warburg cut its 2002 and 2003 estimates for Siebel Systems, and Deutsche Bank downgraded the stock to "hold."

Oracle (ORCL: down $0.38 to $9.49, Research, Estimates) also got tagged with a downgrade to "neutral" from "buy." Brokerage firm First Albany cut its rating on the software maker, citing valuation concerns.

Among chip stocks, Goldman Sachs downgraded communications chipmaker Broadcom (BRCM: down $1.82 to $10.63, Research, Estimates) from its "recommended list" to "market outperform" a day after the company warned about its fourth-quarter results, citing weakness in the market for television set-top boxes for which it supplies chips.

Chip-equipment maker PMC-Sierra (PMCS: down $0.95 to $3.52, Research, Estimates) warned of a revenue shortfall for its fourth quarter, citing weakness in sales of chips to communications providers. Goldman Sachs downgraded the stock to "market perform" from "market outperform" and cut its 2002 and 2003 estimates.

A whopping third-quarter loss from Swedish wireless phone maker Ericsson (ERICY: up $0.08 to $0.62, Research, Estimates) cast an ominous tone on the telecom sector. But the company said it still expects to turn a profit in 2003 as the market stabilizes.

But shares of online auctioneer eBay (EBAY: up $1.81 to $59.96, Research, Estimates) turned around after an early slump on concerns about business growth. eBay posted third-quarter earnings Thursday that more than tripled its year-earlier earnings.

A Standard & Poor's debt downgrade of a slew of brokerage houses late Thursday took down shares of Merrill Lynch (MER: up $0.06 to $37.55, Research, Estimates), Goldman Sachs (GS: down $1.93 to $70.55, Research, Estimates) and Morgan Stanley (MWD: down $0.82 to $37.20, Research, Estimates). The credit rating agency based its action on weakness in underwriting activity for the firms.

Outside the tech arena, drugmaker Merck (MRK: up $0.28 to $51.03, Research, Estimates) fell after delivering a conservative forecast for the rest of the year, citing sluggish sales of its arthritis treatment Vioxx . Merck's third-quarter results came in line with Wall Street's estimates.

Aerospace firm Boeing (BA: down $0.98 to $29.00, Research, Estimates) fell after Deutsche Bank downgraded the stock to "hold" from "buy." The company lowered its 2003 forecast Wednesday, citing the weak commercial aircraft market.

Home Depot (HD: up $1.26 to $30.41, Research, Estimates) and Procter & Gamble (PG: up $1.41 to $91.75, Research, Estimates) offered some support to the broader market.

In the morning's economic updates, the September report on inflation at the consumer level was in line with expectations.

European markets fell Friday, hurt by Ericsson's announcement, while Asian-Pacific stocks rose Friday, following in the footsteps of their U.S. counterparts.

Treasury prices rose, sending the 10-year note yield down to 4.11 percent. The dollar strengthened against the yen, but was weaker versus the euro.

Light crude oil futures slipped 4 cents to $29.60 a barrel in U.S. trading, where gold gained.