Dow +10.37 at 14547.51, Nasdaq +39.69 at 3206.05, S&P +13.64 at 1555.25

The major averages entered the weekend on a mixed note. The S&P 500 settled higher by 0.9% while the Dow Jones Industrial Average ended with a slim gain of 0.1%.

The 30-stock Dow trailed behind the broader market as General Electric (GE 21.75, -0.92), McDonald's (MCD 99.92, -1.99), and International Business Machines (IBM 190.00, -17.15) pressured the price-weighted index after reporting earnings.

Of the three names, General Electric and McDonald's reported in-line results, but the two echoed the ongoing global growth concerns with their commentary. IBM, meanwhile, missed on earnings and reported revenue more than $1 billion below the Capital IQ consensus estimate. Shares of IBM tumbled 8.3% to surrender all of their year-to-date gains.

While the Dow spent the entire day in negative territory, the S&P 500 climbed steadily as some of the biggest laggards of the week appeared among today's leaders. Interestingly, the rally staged by the S&P stalled right near Monday's closing levels.

With the market rebounding broadly, seven of 10 sectors ended with gains of at least 1.0%. Leadership was mixed as cyclical and defensive groups displayed strength.

Energy, technology, and industrials were the only three sectors which lagged. The energy space ended flat as crude oil added 0.2% to $88.20.

Elsewhere, tech shares were pressured by IBM's disappointing earnings. In other news of note, Dell (DELL 13.40, -0.55) lost 3.9% after Blackstone ended its attempt to acquire the company.

Meanwhile, Google (GOOG 799.87, +33.96) and Microsoft (MSFT 29.76, +0.98) kept the sector from registering further losses after the two beat on earnings.

The industrial space was the third notable laggard as General Electric weighed. Excluding the industrial heavyweight, other sector components held up relatively well. The Dow Jones Transportation Average climbed 1.5% after sliding 3.3% during the first four sessions of the week.

Today's advance eased some fears of a looming correction as the CBOE Volatility Index (VIX 14.88, -2.68) slipped back to Tuesday's closing level. However, the near-term volatility index remains above 12.07, where it ended last week.

Today's volume total was aided by options expiration. As a result more than 900 million shares changed hands on the floor of the New York Stock Exchange.

There was no economic data of note released today.

On Monday, March existing home sales will be reported at 10:00 ET.

Week in Review: S&P 500 Endures Its Worst Week of the Year

On Monday, equities sold off steadily throughout the day, and the S&P 500 lost 2.3%, registering its biggest one-day drop of the year. The major averages were pressured from the opening bell as global growth concerns returned to the forefront. In China, first quarter GDP rose 7.7%, which was below the expected growth of 8.0%. The disappointing report added to the weakness of the commodity complex, which saw an extension of last week's selling. Gold miners endured a rough session as the Market Vectors Gold Miners ETF (GDX 28.59, +0.37) fell 9.9% on the heels of a 9.5% plunge in gold to $1356.80. Meanwhile, silver tumbled 13.0% to $22.90.

Tuesday brought some relief as the S&P 500 climbed 1.4%. While the economically-sensitive materials space was able to rebound and end atop the leaderboard, the defensively-geared consumer staples were not far behind. Staple stocks received some support from Coca-Cola (KO 42.66, +0.56) after the beverage giant narrowly beat the Capital IQ earnings estimate. A defensive bid also buoyed the health care sector where Johnson & Johnson (JNJ 84.49, +1.31) gained 2.1% after beating on earnings.

Sellers reemerged during Wednesday's session as the S&P 500 tumbled 1.4%. Technology stocks felt the brunt of the drop as the SPDR Technology Select Sector ETF (XLK 29.35, +0.04) lost 2.1%. Apple (AAPL 390.53, -1.52) dipped below $400 for the first time since December 2011, and settled lower by 5.5%.

Thursday saw a continuation of Wednesday's selling. The S&P 500 shed 0.7% to close below its 50-day moving average for the first time since December 28, 2012. Cyclical sectors were under pressure with technology stocks once again finishing among the laggards. Elsewhere, the cyclical discretionary sector also finished in the red as homebuilders slumped.