Blub, blub, blub. That sinking sound was the market's attempt to get its head above water Friday, failing as most shares resumed their plunge down to Davey Jones' locker. With yet another afternoon selloff, stocks failed to keep a midweek rally alive but managed (barely) to post their first positive week of the year. For the week, the S&P 500 added about 3 points, or 0.3%, to 1171.25 and the Nasdaq Composite gained 1 point to 2035.61. The Dow Jones Industrial Average gained 33 points, or 0.3%, to 10,426.32. But any excitement about the weekly results was dampened by Friday's desultory slide, which saw the Dow fall 0.4%, the S&P lose 0.3% and the Comp shed 0.6%. This was the busiest week for fourth-quarter earnings reports of the season, and there was plenty of disappointment to go around. Biotech, telecommunications and financials helped drag the markets lower. Even mighty Microsoft ( MSFT), which reported better-than-expected profits and raised 2005 guidance, could manage to gain only 7 cents Friday after its announcement. For the week, Microsoft gained 2%. A series of M&A announcements culminating in Procter & Gamble's ( PG) $57 billion offer for Gillette ( G) did little to turn things around. P&G lost 3% for the week and Gillette gained 17%. All three major indices posted gains Tuesday and Wednesday, with only the Dow missing out on a third modest day in the green on Thursday. Boding poorly for those hoping for a longer-term rally, volume slipped as the week wore on, breadth turned increasingly negative on both the Nasdaq and NYSE and the Chicago Board Options Exchange's Volatility Index fell for four straight days, a signal that typically reflects growing complacency -- not a market bottom. Economic news was mixed. Bonds tanked on higher-than-expected consumer confidence and durable goods orders (excluding aircraft orders) earlier in the week, but took off on Friday's weaker-than-expected fourth-quarter gross domestic product report.