Stocks End a Rollercoaster Week Mixed

Updated from 3:31 p.m. EST

Stocks in New York wrapped up the week in mixed territory Friday, with earnings and the effects of the economic slowdown weighing on the Dow, but a buoyant tech sector pulling the Nasdaq higher.

Commodities were on the rise: Oil prices reversed to gain $2.77 to settle at $46.47, and gold prices continued their ascent, gaining $35.30 to settle at $895.80. But equities were mixed.

Led by an 11% decrease in General Electric(GE Quote), the Dow Jones Industrial Average was down 31.62 points, or 0.4% at 8091. However, the S&P 500 was up 0.2 points at 828, and the Nasdaq was up 14.47 points, or 1%, at 1480, after a 2.8% decline a day prior.

The market has moved in rollercoaster fashion throughout the week, often following the lead of bellwether financials. Big banks Citi (C Quote)and Bank of America (BAC Quote)gained 8% and 10%, respectively, on Friday, but lost their power over the Dow.

"The market has really become susceptible to traders' whims as opposed to investors' actions," says Michael James, managing director Wedbush Morgan Securities. "As traders have become more active in exchange-traded funds, their more aggressive actions have had a snowballing effect on the market direction, exacerbating the magnitude of the moves in both directions." Traditional institutions are less involved in the market, which is creating less liquid markets and more dramatic swings, he says.

Investors felt a brief pinch of relief Friday morning after General Electric met expectations. However, the company still took a significant hit, with their net income dropping 44% from a year earlier, and the stock fell accordingly.