U.S. stocks shaved earlier gains and finished mixed Friday, as investors kept tabs on the global economy.
The market also broke a two-week winning streak, as all three major indexes declined for the week. The Dow and Nasdaq slipped 0.1%, while the S&P 500 lost 0.4%.
Chatter that Spain is working with European Union officials on the terms of a bailout drove the market higher in the morning. But stocks lost steam in afternoon trading, ending the day little changed. The Dow Jones industrial average slipped 0.1%, while the Nasdaq gained 0.1%. The S&P 500 finished the day flat. Earlier in the session, the Dow had hit a 5-year high, while the Nasdaq climbed to a 12-year high.
Worries that the global economy is slowing have kept investors on edge this week.
Early Friday, World Trade Organization economists scaled back their forecasts for trade expansion, though recent moves by central banks around the world to take action was cheered.
"In an increasingly interdependent world, economic shocks in one region can quickly spread to others. Recently announced measures to reinforce the euro and boost growth in the United States are therefore extremely welcome," said WTO Director-General Pascal Lamy in a statement.
Meanwhile, Apple's stock was also in focus Friday, as the iPhone 5 went on sale around the world. The new device is almost sure to be the company's best seller yet. Apple(AAPL) shares rose to an all-time high of $705.07, before settling just above $700 a piece for the day.
Friday also marked "quadruple witching," when four types of contracts expire -- market index futures, market index options, stock options and stock futures. While many traders settle out those contracts in the days leading up the expiration, there is still some volatility on the actual day.
Overseas, the Shanghai Composite ended the day 0.1% higher, the Hang Seng in Hong Kong finished up 0.7%, and Japan's Nikkei rose 0.3%. In Europe, Britain's FTSE 100 finished flat, the DAX in Germany gained 0.8% and France's CAC 40 rose 0.6%.
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Companies:KB Home(KBH) shares jumped more than 16% after the home builder reported quarterly earnings of 4 cents per share that were contrary to anticipated losses.
BlackBerry maker Research in Motion(RIMM) plunged 6.5% after the company reported a brief outage in e-mail service in Europe Friday morning. The news comes just a few days before the struggling company is due to report its latest quarterly results.