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Dow, S&P flat but tracking for weekly gain

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(CNBC) Stocks traded mostly flat on Friday amid a strong dollar and as earnings season continued.


The Dow Jones industrial average fell about 10 points in afternoon trade after momentarily trading higher, with IBM contributing the most losses, offsetting gains from McDonald’s and Microsoft. At session lows, the index fell 112.58 points.


The S&P 500 around breakeven in afternoon trade after holding lower for most of the session, with consumer discretionary leading advancers. Consumer discretionary stocks were led by Time Warner, which rose more than 7 percent amid reports the firm has engaged in talks for a deal to be bought out by AT&T, which dragged the telecommunications sector lower.


The Nasdaq composite outperformed, rising a quarter of a percent. For the week, the three major indexes were on track to post slight gains.


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