Microsoft Sends Tech Soaring

"It will all come down to the Fed next week," said Pado. "Funds using an October fiscal year will close their books on that same day."

Elsewhere on the earnings front, Coventry Health Care (CVH Quote) matched the Thomson First Call estimate for the third quarter, as did Exelon (EXC Quote) and Baker Hughes (BHI Quote).

Coventry dropped 7.7% for the session, and Baker Hughes lost 3.9%. Exelon, on the other hand, gained 2.5% to close at $80.22.

Wendy's (WEN Quote), which posted results after the previous close, reported a 57% decline in third-quarter profits but still managed to beat forecasts. Shares advanced 57 cents, or 1.7%, to $34.60.

Away from equities, the University of Michigan's consumer sentiment index for October was the lone economic report of the day. The index fell to a reading of 80.9, below the preliminary 82.0 reading, as well as economists' expectation of 82.3.

Treasury prices were slightly lower on the day. The 10-year note was down 5/32 in price, yielding 4.40%. The 30-year bond was off 6/32 in price, yielding 4.69%. The dollar was again making record lows against the euro.

Overseas markets were higher. In Asia, Hong Kong's Hang Seng rose 1.8% overnight, and Japan's Nikkei 225 climbed 1.4%. In Europe, London's FTSE 100 was rose 1.3%, and Germany's Xetra Dax was up 0.2%.