However, a spate of negative news soured the mood, and the S&P 500 (INDEXSP:.INX) finished down 0.5% on the day.
Russia's Central Bank took markets by surprise by raising interest rates by 50 basis points in an effort to stem inflation risk and supports its currency in the wake of Western sanctions.
Ukraine remains tense to say the least. Russian authorities claimed that Ukraine fired artillery into Russia with an intent to kill law enforcement officers. Ukrainian officials denied the allegations.
The Pentagon also said Russia was preparing to send separatists sophisticated rocket systems as early as today.
In Gaza, US Secretary of State Kerry pressed for a ceasefire, but fighting continued and the tragic death toll rose again.
Israel officially rejected a ceasefire, and the Palestinian Fatah movement declared Friday a "day of rage".
In financial news, earnings were generally on the weak side.
Amazon.com (NASDAQ:AMZN) had a rough day, declining 9.7% on its disappointing second-quarter earnings and third-quarter operating guidance reported Thursday afternoon..
Online radio company Pandora (NYSE:P) joined Amazon in the doldrums, dropping 10.3% on its second-quarter loss.
And insurance giant Chubb (NYSE:CB) dropped 3.4% on its disappointing second-quarter numbers, which were impacted by weather-related losses, among other issues.
On the plus side, there were some earnings winners today, including Lear (NYSE:LEA) and LyondellBasell (NYSE:LYB).
Fast food chain El Pollo Loco (NASDAQ:LOCO) had a big first day, pricing its IPO at $15 and trading sharply higher to finish at $24.03.
On the deal front, British broadcast company BSkyB agreed to buy Sky Italia and Sky Deutscheland from 21st Century Fox (NASDAQ:FOXA) for $9 billion.
Monday's Financial Outlook
Quite a few companies will release earnings on Monday, including Cummins Engine (NYSE:CMI), Tyson Foods (NYSE:TSN), and Jacobs Engineering (NYSE:JEC). However, none are expected to move the market.
June Pending Home Sales will be released at 10:00 a.m. ET.
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