U.S. stocks end mixed on earnings, GDP data, Dow gains 0.03%

Investing.com - U.S. stocks ended higher on Friday following a choppy session, rising after stronger-than-expected economic growth numbers published in the U.S. though weak earnings weighed on the rally.

At the close of U.S. trading, the Dow Jones Industrial Average rose 0.03%, the S&P 500 index was down 0.07%, while the Nasdaq Composite index was up 0.06%.

The U.S. economy grew 2.0% in the third quarter, according to advance estimates release by the Bureau of Economic Analysis, up from 1.3% in the previous quarter.

The number beat analysts' forecasts for 1.9% economic growth in the third quarter, which sparked demand higher-yielding assets and enticed investors out of the safety of the greenback.

Elsewhere in the U.S., Thomson Reuters/University of Michigan final survey on October consumer sentiment fell to 82.6 from a preliminary reading of 83.1.

Analysts had expected the index to tick down to 83.0 in October.

Elsewhere, investors sold on Friday to await the outcome of U.S. elections on Nov. 6, with neither President Barack Obama or his Republican challenger Mitt Romney emerging as a clear frontrunner with a little over a week to go.

Third-quarter earnings have disappointed as well, and fears that a fast-approaching fiscal cliff may dampen growth rates next year sent investors to the sidelines as well.

At the end of this year, tax breaks expire in the U.S. right at the same time automatic spending cuts to government spending kick in, a combination known as a fiscal cliff that could send the economy into a recession next year if Congress fails to adjust the timing of tax hikes and public-spending cuts.

The nonpartisan Congressional Budget Office has said that failure to address the fiscal cliff could send the economy shrinking by 0.5% next year, technically a recession.

Legislators have largely been unwilling to touch such tax and fiscal reforms in an election year, and even if they do reach a deal, uncertainty alone could dampen an already tepid U.S. recovery, as businesses have put off expanding and hiring because they don’t know how much they will be paying in taxes next year.

Brewing concerns that the European debt crisis may be rekindling in Greece watered down the mood.

German Finance Minister Wolfgang Schaeuble reportedly said doubts have arisen as to whether Greece will meet bailout targets.

Elsewhere, an International Monetary Fund report found that Greek debt is poised to exceed targets agreed upon with international lenders, though Greece allayed worries by stating an agreement on an austerity package was being held up by opposition from a coalition ally.

Earlier this week, Greece said its European and IMF creditors gave it more time to push through austerity cuts though E.U. officials said otherwise.

Concerns the debt crisis may reheat in Greece dampened a risk-on rally.

Leading Dow Jones Industrial Average performers included Microsoft, up 1.18%, United Technologies, up 1.16%, and Intel, up 1.15%.

The Dow Jones Industrial Average's worst performers included JPMorgan Chase, down 1.22%, Bank of America, down 1.19%, and Procter & Gamble, down 0.91%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 0.51%, France's CAC 40 rose 0.69%, while Germany's DAX 30 finished up 0.44%. Meanwhile, in the U.K. the FTSE 100 rose 0.03%.