US stocks closed mixed on Friday as good corporate earnings were weighed against concerns over the dollar as G20 finance ministers held talks in South Korea in a bid to avert a currency war. The three key indexes nevertheless closed the week with gains, marking a three week winning streak as the Dow Jones neared its highest level since September 2008 on Thursday.

On Friday the blue chip Dow Jones Industrial Average slipped 14.01 points (0.13 percent) to 11,132.56 points, while the broader S&P 500 index gained 2.82 points (0.24 percent) at 1,183.08 points. The tech rich Nasdaq composite index was up 19.72 points (0.80 percent) to 2,479.39 points.

The US greenback has declined steadily in recent weeks amid increased expectations that the Federal Reserve will resume spending policies to boost the economy, effectively printing money. In recent days, the market has moved in the opposite direction as the dollar, as expectations of easing measures boosted stocks.

In corporate news, shares of American Express fell three percent after the credit card giant reported on Thursday evening its profits topped one billion dollars in the last quarter, 71 percent more than in the same period last year.

Shortly before Friday's opening bell, US communications services provider Verizon said its profit dropped 25 percent in the third quarter from last year to 881 million dollars. Its share fell 1.3 percent. The drop in both American Express and Verizon stocks was attributed to the companies' cautious outlook. Amazon, the world's largest online retailer, reported its profit rose 16 percent to 231 million dollars in the last quarter as its net sales increased 39 percent. Its shares were up 2.5 percent.

The flood of third quarter earnings reports continues this week, with six components of the Dow Jones Industrial Average and one third of the companies in the Standard & Poor's 500 Index posting results. Figures on new and existing home sales in September will be released next week, and the government will issue its first reading on third quarter gross domestic product.

European market

European stocks ended lower Friday, snapping a two-day winning streak as investors took profits on recent gains and digested results from high-profile companies including Ericsson, Volvo and Volkswagen. The Europe Stoxx 600 index fell 0.3% to close at 266.75 after gaining 0.6% on Thursday.

Major regional stock indexes finished in negative territory. Germany's DAX 30 stock index slipped 0.1% to end at 6,605.84, while the Paris CAC-40 stock index lost 0.3% to close at 3,868.54. London's FTSE 100 stock index settled 0.3% lower at 5,741.37. The market's focus remains on the U.S. Meanwhile, the Group of 20 meeting of finance ministers and central bankers is currently underway in South Korea.

The dollar shifted lower as markets awaited any news on a resolution to the so called currency wars. More evidence of growth in the largest European economy came Friday from the Ifo Institute, which reported that its German October business climate index rose to the highest level since May 2007, defying expectations for a fall in the index.

German car maker Volkswagen AG surprised markets with an early release of nine month earnings. The company said sales rose 20% and operating profit surged to EUR4.8 billion from EUR1.5 billion in the year-ago period. Shares rose 3.2%. Volkswagen is scheduled to report full results on Oct. 27. Shares of retailer Metro AG rose 1.1%.

In France, shares of French glass and building materials maker Compagnie de Saint Gobain SA fell 3%, a pullback that came a day after it reported third quarter sales rose 7.8% and confirmed its full year sales outlook. Gains were seen by PSA Peugeot Citroen SA, which rose 2.8%, and Renault SA, up 1.4%. Renault's third quarter sales are due next week. Swedish stocks were on the move. Shares of L.M. Ericsson AB jumped more than 4% after the telecom equipment company topped expectations on net income for the third quarter. Shares of Volvo AB fell 1.9%. The firm's third quarter sales fell short of expectations, though Volvo swung to a net profit from a loss a year ago.

Meanwhile, in Switzerland, market heavyweight Nestle SA slipped 0.8% after the company edged past expectations on nine month sales and confirmed its financial outlook. London shares were dragged lower by a weaker mining sector. Vedanta Resources PLC lost 1.9% and Lonmin PLC fell 1.6%. Shares of TUI Travel PLC bounced up 3.2% in London, after falling sharply the prior session on news that the company would restate 2009 earnings and that its chief financial officer would step down.

Asian market

Asian stock markets ended mostly higher on Friday, with technology shares leading the advance. Shares of LG Display jumped in Seoul and Tata Consultancy Services surged in Mumbai after posting better-than-expected earnings.

Japan's Nikkei Stock Average rose 0.5%, Australia's S&P/ASX 200 added 0.5% and South Korea's Kospi Composite tacked on 1.2%. China's Shanghai Composite slipped 0.3% and Hong Kong's Hang Seng Index edged down 0.6%. Dow Jones Industrial Average futures were up 16 points in screen trade. Trading was confined to narrow ranges in many markets as caution prevailed ahead of the weekend and amid currency market tensions.

Finance ministers from the G-20 nations are meeting in South Korea Friday and Saturday, and despite speculation that some sort of currency agreement might emerge, analysts dismissed the likelihood of any real accord.

In Seoul, SK Energy, whose third-quarter net profit was up 36% from a year earlier, gained 4.8%. LG Display climbed nearly as much, 4.6%, though its third quarter net profit was down 62%. That topped expectations, and fueled hopes that liquid crystal display panel industry prices will bottom in the fourth quarter. Other Korean technology gainers include heavyweight Samsung Electronics, up 1.6%, and Hynix Semiconductor, up 1.9%.

Technology gainers in Taipei include Taiwan Semiconductor Manufacturing, up 1.3%, and ASUSTeK Computer, up 6.7%. In Hong Kong, Lenovo Group rose 0.8%. In Mumbai, Tata Consultancy Services, India's largest software developer, was up 5.2%. It beat expectations Thursday by reporting a 30% jump in net profit for its fiscal second quarter. Smaller rival Wipro, meanwhile, was punished for falling short of expectations with a 10% jump in profits; its shares were down 4.6%.

In Tokyo, the market rose in cautious trade ahead of the G-20 meeting and next week's earnings reports. The yen's strength continued to focus investors' attention. Hitachi gained 2.9% after the Nikkei newspaper reported the company is likely to report an operating profit of more than Y200 billion for the April-September period, compared with an earlier forecast of Y170 billion.

In Sydney, Santos rose 2% ahead of the Australian government's environmental impact decision on its proposed gas export terminal; approval came after the close of trading. But Woodside Petroleum fell 1.5% after saying that it's evaluating the cost and schedule of the A$13 billion first phase of its Pluto liquefied natural gas project.

Metals and banking plays led Chinese shares lower on continued profit-taking; also weighing on banks were concerns over bad loans following the government's recent tightening moves in the property market. China Merchants Bank shed 0.8% and Jiangxi Copper lost 2% in Shanghai; the stocks fell 0.7% and 2.7%, respectively, in Hong Kong.

Base metals

Lead and zinc ushered base metals higher on the London Metal Exchange Friday after a smelter shutdown in China was confirmed. Metals overall were up Friday, with the exception of nickel and tin. China's third largest zinc producer, Shenzhen Zhongjin Lingnan Nonfemet Co. (00060.SZ), said in a statement it has stopped production of lead and zinc at a smelter in Shaoguan, Guangdong province, confirming market rumors.

Zhongjin said it is cooperating with local authorities in an investigation into the presence of the highly toxic substance thallium in Guangdong's North River. Lead and zinc hit multi-month highs Thursday when speculation on the closure first surfaced and gains extended Friday when the news was confirmed.

There was no significant macroeconomic news out Friday and the market will watch the outcome of the G-20 meeting in South Korea that runs through the weekend. In other news, copper miner Freeport McMoRan Copper & Gold (FCX) said Friday it was given the thumbs up on its Congo copper project following a review, and a program to double its output will be underway in phases. Also, a wage dispute at Vale SA's (VALE) Voisey's Bay operations in eastern Canada that has dragged on for 15 months is likely to be decided by an industrial inquiry, after a deadlock between management and union officials was unable to be broken.

Crude futures settled higher Friday, ending a week with wild price swings mostly where things started, as traders paused ahead of a weekend meeting of the Group of 20 industrial and developing nations. Light, sweet crude for December delivery settled $1.13, or 1.4%, higher at $81.69 a barrel on the New York Mercantile Exchange. Roughly 320,000 contracts had traded at the time of settlement, putting the market on pace for the lowest daily trading volume this year. Brent crude on the ICE futures exchange settled $1.13 higher at $82.96 a barrel.

Gold futures settled near steady Friday as participants believe most of the currency related jitters surrounding potential U.S. monetary easing have been priced into the market. The most actively traded gold contract, for December delivery, fell 50 cents to settle at $1,325.10 a troy ounce on the Comex division of the New York Mercantile Exchange.

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