What a Week: Uncertainty Rises

This week's relatively lifeless returns reflect the ambiguity gripping the market as investors and Federal Reserve officials alike find themselves stuck in a waiting game.

The Dow Jones Industrial Average ended an eight-day winning streak Wednesday as the minutes from the March FOMC meeting were released. The Fed clarified little about future policy moves and clung to its forecast for moderate growth and slowing inflation. But the central bank's rhetoric was flooded with angst about the risks to those Goldilocks-like outcomes.

Investors have followed the Fed's lead, cautiously driving stocks back up even while many expect ruin just around the corner. The disaster could be more housing market calamity and consumer weakness, a liquidity crisis and financial market meltdown, or slowing business spending, declining profits and protectionism on Capitol Hill.

"The market is quiet and moving forward even with plenty of non-believers, on lackluster volume," says Michael Driscoll, director of listed trading at Bear Stearns. "It is difficult for people to have a strong opinion right here. Investors are waiting to see the data, and to see how earnings will do."

The Dow added 0.4% on the week to close at 12,612.13, while the S&P 500 gained 0.6% to close at 1452.85. The Nasdaq Composite finished the week up 0.5% to close at 2491.94. The broad NYSE Composite Index rose to an all-time high Friday at 9522.86, which gave hope to some bullish technicians that more new highs are afoot.