General Electric reported better-than-expected quarterly results, but sales fell 12 percent year over year. The drop in revenue came as weakness in GE's energy connections business offset strength in renewables and power units. GE also saw its net profit slump 58 percent year over year.
The three major indexes notched record highs this week as quarterly earnings from S&P 500 companies largely outperform expectations. Microsoft, Honeywell and Morgan Stanley are just a few of the companies that reported earlier this week.
"It's been a strong week for stocks," said Peter Cardillo, chief market economist at First Standard Financial, noting the S&P and the Nasdaq posted weekly gains. "There a bit of hesitance right now as we head into the weekend."
Dow, S&P and Nasdaq this week
Next week will be the busiest one this earnings season, with about 170 S&P 500 components scheduled to report.
"This is very much an earnings-driven market," said Paul Springmeyer, senior vice president at U.S. Bancorp Private Wealth Management. "There have not been any major surprises yet. That to us is a tell-tale sign. If earnings continue to grow, stocks should keep higher."
Calendar second-quarter earnings have mostly exceeded expectations this far. With 20 percent of S&P 500 companies having reported, 73 percent have beaten expectations and 77 percent have beaten on sales, according to John Butters, senior equity analyst at FactSet.