U.S. blue chip stocks edged higher Friday while the Standard & Poor's 500 index fell slightly in a quiet end to a strong October as investors bided their time before the coming week's Federal Reserve meeting and midterm elections. The Dow Jones Industrial Average closed up 4.54 points, or 0.04%, to 11118.49.

Microsoft was among the Dow's best performers with a 1.5% rise in its stock. The software giant's fiscal first quarter profit climbed 51%, benefiting from a continued strong response to the Windows 7 operating system and Office 2010. Microsoft was also one of the Dow's best performers this month, up 8.9% over the period. Chevron and Merck helped limit the Dow's gain. Chevron fell 2.2% after the oil major's third quarter earnings and revenue missed analysts' expectations. Merck dropped 1.7% as the company's earnings excluding items topped Wall Street estimates, but revenue fell short of forecasts.

The Nasdaq Composite rose 0.04 point to 2507.41. The Standard & Poor's 500 stock index edged down 0.52, or 0.04%, to 1183.26. The health care sector led to the downside for the S&P 500 as Merck weighed. Friday, which marks the 81st anniversary of the Crash of 1929 known as Black Tuesday, was the final trading day of what has been a strong October for stocks. The Dow climbed 3.06% during the month and the S&P 500 rose 3.69% for October, the Dow's best October since 2006 and the S&P 500's best October since 2003.

This month's advance has come on growing expectations that the coming week the Federal Reserve will announce more stimulus, and the midterm federal elections will lead to a Republican takeover of the House of Representatives.

European market

European stocks closed thinly mixed Friday as U.S. economic data inspired some buying, but investors appeared reluctant to hold onto stocks into the weekend with next week's Federal Reserve policy meeting and midterm elections looming.

The Stoxx Europe 600 index finished 0.02% higher at 265.96 points on the last trading day of the month, barely managing a second straight win. The index is down 0.9% for the week and up 3.2% for the month.

In London, the U.K. FTSE 100 index closed off 0.05% at 5,675.16, with shares of utility companies gaining after Scottish & Southern Energy PLC said it was raising prices for household gas by 9.4% Dec. 1. Those shares rose 3.4%. The news triggered gains across the utility sector with Centrica PLC up 3.2%, Severn Trent PLC adding 2% and United Utilities Group rising 1.2%.

Shares of British Airways dropped 3.6%. The firm said it returned to six month profit, but it was cautious on the outlook for its business. Utility shares also rose in France, but the CAC 40 index slipped to close weaker, down 0.04% at 3,833.50. Shares of GDF Suez SA rose 1.6% and Electricite de France SA gained 1%.

Shares of French energy giant Total SA fell just slightly, paring earlier losses as the firm reported a sharp rise in quarterly profit, buoyed by higher oil and gas prices. Germany's DAX 30 index closed up 0.1% at 6,601.37. Shares of BMW AG added 3.3% after an upgrade to buy from neutral by Goldman Sachs, which said it continues to see significant value in the auto sector.

Asian market

Asian equity markets ended mostly lower Friday as investors took profits ahead of further quantitative easing steps expected this week from the U.S. Federal Reserve, with real estate companies and securities firms weighing on the markets in China. Japan's Nikkei Stock Average was off 1.8%, South Korea's Kospi was 1.3% lower, Hong Kong's Hang Seng Index slipped 0.5%, and China's Shanghai Composite was down 0.5%.

China shares ended lower due to profit-taking on property and brokerage plays ahead of the Federal Reserve's policy setting meeting next week. Poly Real Estate Group was down 4.9% after an 8.1% rise in the previous five sessions and China Merchants Property Development ended 3.8% lower after rising 6.4% in the previous five sessions.

Base metals

Base metals on the London Metal Exchange pared early losses after the dollar slipped on weaker than expected U.S. third quarter gross domestic product data. The metals still finished down on the day and the week, as they consolidated at lower levels in a week of choppy trading across broader financial markets. Zinc, lead and tin saw the biggest losses, with zinc falling to a nine day low of $2,380.25 a metric ton. Zinc inventories climbed steeply this week to a two month high, giving the impression demand remains weak, particularly in the U.S.

Crude oil futures lost ground Friday after a report showed only modest U.S. economic growth in the third quarter, capping a week where prices stayed in a narrow range. Light, sweet crude for December delivery settled down 75 cents, or 0.9%, at $81.43 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange was down 61 cents, or 0.7%, to $82.98 a barrel. The Commerce Department reported a 2% rise in third-quarter gross domestic product, slightly below the 2.1% expected by economists surveyed by Dow Jones Newswires.

Gold prices were helped higher as downbeat economic data and rising uncertainty about next week's Federal Open Market Committee meeting saw investors re-enter the market. The most actively traded contract, for December delivery, settled up 1.1%, or $15.10, at $1,357.60 per troy ounce on the Comex division of the New York Mercantile Exchange.

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