Stocks and most exchange-traded funds stayed subdued Friday afternoon, held in check by a weak dollar. The Dow Jones Industrial Average gave up 14 points to finish the week at 10,318. The Nasdaq ebbed 11 to 2146 and the S&P 500 fell 4 to 1091.

For the five-day session, the Dow added 0.4%, and the S&P 500 crept down 0.1%. The Nasdaq fell 1% for the week with much of the damage coming Thursday after an analyst downgraded the semiconductor sector.

The technology sector faced pressure again after Dell said late Thursday that its net profit dropped 54%, hurt by light corporate spending on computers.

Energy stocks were also weaker with the Philadelphia Oil Service Sector Index and NYSE Energy index falling 2.2% and 1.2%, respectively, while crude oil declined 58 cents to settle at $77.47 a barrel.

Retailers continued to make headlines as Gap (GPS) reported a 25% increase in third quarter profit, in line with expectations, and Ann Taylor (ANN) topped estimates but forecast lackluster fourth quarter results. Gap added 0.4% while Ann Taylor shares shifted 1.4% lower.

Outside of stocks, gold added $4.90 to settle at $1,146.80 an ounce. The dollar and the yen were higher in foreign markets. The euro was trading at $1.4878 from $1.492. The pound fell to $1.6539 from $1.6658.

Some Treasury bills maturing in early 2010 traded at yields slightly below zero as bond prices rose, a sign of strong investor demand for the safest securities, as they are effectively paying the government to keep their money secure.

Bill yields last fell below zero was in late 2008 at the height of the financial crisis, triggered by the bankruptcy of Lehman Brothers.

On Friday, the yield on two-year Treasury bonds fell one basis point to 0.69 percentage point and the yield on the 10-year rose one basis point to 3.35%.

Overseas, the Nikkei 225 closed 0.5% weaker in Tokyo, and the pan-European Dow Jones Stoxx 600 was down. For a detailed rundown on Friday s trading session see our market story.

Winners

The WisdomTree India Earnings Fund and the Market Vectors--Indonesia Index ETF rose 1.8% and 1.5%, respectively, as emerging markets outperformed.

Losers

The Oil Service HOLDRS Trust lost 2.3% and the iShares Dow Jones US Oil Equipment & Services Index Fund gave up 2.2% as oil stocks suffered economic concerns and strength in the dollar.

This Week s Industry News

Earnings Note
ProFunds Group, the world's largest manager of leveraged and inverse funds, announced today that it expects to pay zero 2009 year-end capital gain distributions on all 77 of its leveraged and inverse ProShares equity and fixed-income exchange traded funds. "We're pleased that ProShares provided knowledgeable investors opportunities to manage risk and pursue returns with leveraged and inverse strategies while also providing them with tax efficiency," ProShare Advisors CEO and Chairman Michael Sapir said.

World Gold Trust Services, a joint venture between the World Gold Council and State Street Global Advisors, the investment management arm of State Street Corporation (STT), on Wednesday announced the fifth anniversary of SPDR Gold Shares (GLD) . The fund now has assets under management in the trust with more than $40 billion as of Nov. 16, 2009 and is thought to be the second-largest largest ETF in existence. It is the fastest growing ETF, by assets, in the world. It was the first ETF to be backed by a physical asset, said James Ross, senior managing director at State Street Global Advisors.

Launching Pad
IndexIQ launched the first merger arbitrage exchange-traded fund designed to give investors exposure to mergers and acquisitions activity. The IQ ARB Merger Arbitrage fund (MNA) began trading Tuesday on the New York Stock Exchange. This ETF is the latest offering from IndexIQ, and joins the firm s hedge fund replication ETFs ( and (, inflation-hedged ETF ( and global resources-hedged ETF (. The new fund has an annual expense ratio of 0.75%.

Exchange-traded fund providers First Trust Advisors, together with the NASDAQ OMX Group and Clean Edge, have launched the first ETF to invest in the electric infrastructure sector. The First Trust Nasdaq Clean Edge Smart Grid Infrastructure Index Fund which will trade as GRID on the Nasdaq and will track the Nasdaq OMX Clean Edge Smart Grid Infrastructure Index, a modified market capitalization index comprised of companies involved in electric grid, meters, devices and network, energy storage and management, and sector-related software.

Exchange-traded funds provider iShares has the first set of sector-focused China A-Shares exchange-traded funds, a quintet of offerings listed on the Stock Exchange of Hong Kong. They track a host of indexes linked to the CSI 300 Index, including energy, financials, infrastructure and materials and a feeder fund. The funds are: iShares CSI A-Share Energy Index ETF, iShares CSI A-Share Financials Index ETF, iShares CSI A-Share Infrastructure Index ETF, iShares CSI A-Share Materials Index ETF, iShares CSI 300 A-Share Index ETF. The funds provide investors with specific sector exposure in China by investing in China A-Share Access Products (CAAPs), derivative instruments linked to an A-Share or the index issued by a third party, known as the CAAP issuer. They will join the iShares FTSE/Xinhua A50 China Index fund (FXI), which tracks the 50 largest publicly traded Chinese companies, all of which are listed on the Shanghai and Shenzhen stock exchanges.

Next Week s Notebook

Earnings and Conference Calls

Monday
BJ Services, Campbell Soup, LDK Solar, Tech Data, Tyson Foods, Valspar, Analog Devices, Atwood Oceanics, Citi Trends, Dycom, Hewlett Packard, Nuance Communications, Vimicro

Tuesday
AHCI, American Eagle, American Wdmrk, Barnes & Noble, Brocade, Brown Shoe, Cracker Barrel, Daktronics, Dollar Tree, DSW, Eaton Vance, Fred s Genesco, GigaMedia, Hillenbrand, HJ Heinz, Hormel Foods, Medtronic, Warner Music Group, Blue Coat, China Finance Online, Coldwater Creek, J. Crew, Netezza, Steak n Shake, TiVo.

Wednesday
Conns, Deere, Double Hull, Tankers, Vimpel Communications, Zale, A-Power Energy

Thursday
Northwest Pipe, The9 Ltd

Friday
Frontline, Ship Finance International

Economic Data

Monday
10:00 a.m. Existing Home Sales

Tuesday
7:45 a.m. ICSC-Goldman Store Sales
8:30 a.m. GDP
8:30 a.m. Corporate Profits
8:55 a.m. Redbook
9:00 a.m. S&P Case-Shiller Housing Price Index
10:00 a.m. Consumer Confidence
10:00 a.m. FHFA House Price Index
10:00 a.m. State Street Investor Confidence Index
2:00 p.m. FOMC Minutes

Wednesday
7:00 a.m. MBA Purchase Applications
8: 30 a.m. Durable Goods Orders
8:30 a.m. Personal Income and Outlays
8:30 a.m. Jobless Claims
8:30 a.m. Consumer Sentiment
9:55 a.m. New Home Sales
10:00 a.m. EIA Petroleum Status Report
11:00 a.m. EIA Natural Gas Report

Thursday
No economic indicators scheduled

Friday
4:30 p.m. Fed Balance Sheet
4:30 p.m. Money Supply