Traders Pause Before Housing, GDP Data

After reaching record heights for the year, can U.S. markets retain their gains?

Traders offered few signals one way or the other Friday. Stocks finished mixed as traders weighed disappointing earnings from blue chips after Thursday's close, the Dow's first return above 9,000 since January. The Dow Jones Industrial Average shook off early losses to finish the day up 24 points at 9093. The Nasdaq, pressured by weakness in tech, slipped 8 to 1966, and the S&P 500 picked up 3 at 979.

In earnings, American Express (AXP) fell short of analysts' expectations, as customers spent less and lagged in repaying their debts. Microsoft (MSFT) also reported lower-than-expected earnings on lower sales as consumer spending slumped. Amazon (AMZN) met profit expectations, but price cuts at the online retailer left revenue short of projections.

The S&P 500 reached an eight-month high Thursday, while the Nasdaq powered ahead for its 12th straight gain.

In Europe, stocks traded higher Friday, despite a report that the U.K.'s gross domestic product shrank by 0.8% in the second quarter, more than economists' had expected. The nation's output fell by 5.6% during the second-quarter -- the largest annual decline since modern record-keeping began in 1955, the Office of National Statistics said. Asian markets closed higher after analyst upgrades to Samsung and Panasonic and better-than-expected GDP growth for South Korea.

Oil prices advanced as the Dow recovered. By 4:18 p.m., oil traded up 93 cents on the day at $68.09 a barrel.

Next week, traders will face a great deal of new economic data, starting Monday with the June report on new home sales. Tuesday, the housing data continue with the release of the May reading of the Case-Shiller Index of home prices. On Wednesday, traders will get a look at the Federal Reserve's Beige Book report on regional economic conditions. The week will end with the release of the advanced second-quarter reading of the gross domestic product.