Dow -17.46 at 13584.65, Nasdaq +4.00 at 3179.96, S&P -0.11 at 1460.15

Equities began the session on a higher note as quadruple witching contributed to a volume surge at the start. However, after reaching session highs within the first few minutes of trade, the major averages spent the rest of the day drifting towards the unchanged line. As a result the S&P 500 finished flat.

Telecom stocks outperformed as the sector traded higher by 0.6%. MetroPCS (PCS 11.62, +0.43) added 3.8% after the company announced it will carry ZTE's Anthem 4G smartphone—the first ZTE 4G device available in the U.S. Other telecom names were also on the rise as Sprint (S 5.65, +0.21) jumped 3.9% while AT&T (T 38.10, +0.16), 0.21) and Verizon (VZ 45.69, +0.20) both gained 0.4%.

Meanwhile, Inteliquent (IQNT 9.38, -1.02) slid 9.8% after the company's President and Chief Operating Officer, Surendra Saboo announced he will resign from the company, effective October 1, 2012. In addition, IQNT's Chief Financial Officer, Robert Junkroski will also step down on October 1, 2012. Following the pair of resignations, Raymond James downgraded shares of Inteliquent from ‘market perform' to ‘underperform.'

The healthcare sector was also one of the top performers. Within the group, Dehaier Medical (DHRM 2.45, +0.91) soared 59.1% after winning a three-year procurement agreement from a major Ukrainian medical equipment manufacturer. Elsewhere, Halozyme Therapeutics (HALO 7.95, +1.54) surged 24.0% after announcing with partner ViroPharma (VPHM 30.31, +2.13) that the Federal Drug Administration has enabled ViroPharma to resume clinical studies of Cinryze in combination with rHuPH20. Shares of VPHM gained 8.3% after the announcement.

On the downside, VIVUS (VVUS 21.00, -2.72) slumped 11.5% after the company announced it expects to receive an opinion recommending against the approval for weight loss drug Qsiva (trade name Qsymia in the U.S.) from the Committee for Medicinal Products for Human Use in Europe.

The Dow Jones Transportation Average shed 1.0% as it continued its recent underperformance. Expeditors International (EXPD 36.78, -0.75), UPS (UPS 71.88, -0.73), and Norfolk Southern (NSC 65.00, -1.11) all slid between 1.0% and 2.0%. Only Overseas Shipholding Group (OSG 7.31, +0.15) managed to stay positive within the group of twenty transportation stocks.

Shares of Indian companies rallied after India's Sensex index advanced 2.2% to close at its highest level in 14 months. The general strength resulted from the announcement of economic reforms in the country. As a result, The India Fund (IFN 22.50, +0.33) rose 1.5%.

U.S. listings of Indian companies made broad advances as financials ICICI Bank (IBN 39.74, +2.09) and HDFC Bank (HDB 36.78, +0.77) added 5.6% and 2.1%, respectively. Elsewhere, copper producer Sterlite Industries (SLT 7.74, +0.40) jumped 5.5% and car maker Tata Motors (TTM 25.35, +0.70) ended firmer by 2.8%.

Shares of tire makers were under pressure after KeyBanc downgraded Goodyear (GT 12.73, -0.65) and Cooper Tire (CTB 19.94, -2.05) from ‘buy' to ‘hold.' The downgrade resulted from uncertainty over expiring Chinese tariffs, as well as declining tire prices. Goodyear slipped 4.9% while Cooper Tire slid 9.3% in the wake of the rating cut.

Week in Review: Equities Quiet Following QE3

On Monday, stocks began the session on a negative note after the September Empire Manufacturing Survey registered its worst reading since April 2009. The bearish sentiment was then extended as unfounded rumors of tapping into the strategic petroleum reserve sent the major averages to fresh session lows. As a result, the S&P 500 ended lower by 0.3%. IRIS (IRIS 19.47, +0.01) surged 45.6% after announcing that the company will be acquired by Danaher (DHR 54.90, -0.12) for $19.50 per share.

Tuesday's session was mostly uneventful as equities remained near their opening levels throughout the day. The major averages showed some divergence as the S&P 500 shed 0.2% while the Dow added 0.1%. Defensive stocks outperformed as the consumer staples sector was the top performer of the day. FedEx (FDX 84.39, -0.78) beat on earnings and revenues while lowering its second quarter and full-year guidance.

On Wednesday, equities began on a slightly higher note after the Bank of Japan raised its asset purchase target in an attempt to inject additional liquidity into the market and to weaken the yen. Stocks were also boosted slightly by data which indicated an uptick in existing home sales as well as building permits. However, late day selling pushed the major averages off session highs as the S&P 500 settled higher by 0.1%. AutoZone (AZO 371.80, +0.17) added 3.4% after delivering a mixed quarterly report.

Thursday's session got off to a slow start after bearish data from around the world overshadowed investor optimism. Japan reported a wider-than-expected trade deficit while the French and Eurozone PMI readings were well short of expectations. Domestically, the weekly initial claims exceeded expectations. After marking session lows thirty minutes into the trading day, the major averages set off on a climb towards positive territory. As a result, the S&P 500 finished flat. Norfolk Southern (NSC 65.00, -1.11) fell 9.1% after the railroad lowered its guidance due to slumping demand and decreasing revenues from fuel surcharges.