Stocks ended mixed with the Dow snapping an eight-day winning streak as weak tech earnings weighed on the market. But hopes for a possible resolution to the political unrest in Egypt lifted equities off their intraday lows.
The Dow Jones Industrial Average fell 10.60 points, to close at 12,229.29, after squeezing out an eighth straight day of gainsin the previous session. But the index is still on pace for its 10th weekly gain in 11 weeks.
Cisco, Microsoft and Wal-Mart fell, while AT&T and Intel were higher on the blue-chip index.
The S&P 500 eked out a gain of 0.99 points, to finish at 1,321.87 and the Nasdaq rose 1.38 points, to end at 2,790.45. The CBOE Volatility Index, widely considered the best gauge of fear in the market, rose above 16.
Among the key S&P 500 sectors, techs, consumer staples and financials were lower, while energy and telecom stocks were higher.
Despite the day's pullback, some strategists continued to remain optimistic on the market.
"I'm not saying the market is desperately cheap, but it's certainly not overly giddy either," Jack Caffrey, market strategist at Stifel Nicolaus told CNBC. "We're overweight equities and we continue to be cautiously optimistic about the direction for the economy."
Meanwhile, Egypt's Hosni Mubarak confirmed he would not run for the presidency againand said those who died during Egypt's unrest did not die in vain, adding he felt the pain of those who had lost family members.
"I think it's a near-term net positive for the markets as it lowers the blood pressure on what was a very tense situation," David Joy, chief market strategist at Columbia Management told CNBC.