Following a three-week deluge of major earnings reports, investors next week will have one eye on a handful of quarterly results and the other on the Federal Reserve Board ahead of its policy meeting later this month.
For the week, the Dow Jones industrial average moved up 230 points to 10,810.85 while the Nasdaq composite slid 88 points to close at 2,075.82.
The gross domestic product (GDP) showed that the U.S. economy, boosted by stronger consumer spending, gained surprising momentum in the first quarter. The United States completed a record 10th year of unbroken expansion.
The Commerce Department said GDP increased at a stronger-than-expected 2 percent annual rate, accelerating from 1 percent in the final quarter of last year when the economy was edging ahead at its most sluggish pace in five and a half years.
Data on new U.S. homes also indicated the economy wasn't doing too badly. Sales rose to a record rate in March, the government said Wednesday in a report suggesting the housing market is holding up well.
Meanwhile, the Labor Department reported that Americans' wages and benefits in the first quarter made their biggest jump in a year, a sign that workers haven't been hurt by the slowing economy.
Looking ahead to next week, JPMorgan H&Q will host its technology conference in San Francisco.
Leading companies from the eBusiness, eFinance, Internet media, communications and semiconductor industries will make presentations.
On Friday, the conference will focus exclusively on Asian technology companies.
"This conference has always been the place to see and be seen for the technology community" Todd Bakar, director of North America equity research, said in a prepared release.
On the earnings front, several mid- and small-sized tech firms will deliver their quarterly results next week.
Ingram Micro (NYSE: IM) is expected to post a first-quarter profit of 17 cents a share, according to a survey of analysts by First Call.
Earlier in the quarter, the international distributor of technology products warned it would fall well short of the original profit estimate of 32 cents a share.
Last quarter, Ingram Micro pocketed $57.9 million, or 39 cents a share, on sales of $8.07 billion.
Trading near $14 a share, the stock is well off its 52-week high of $21.13 set in May.
Macromedia (Nasdaq: MACR) will report its fourth-quarter numbers next week.
Analysts are forecasting a profit of 20 cents a share on sales of $86.8 million.
Last quarter, Macromedia topped the Street view when it posted a profit of $16.2 million, or 29 cents a share, on sales of $103.3 million.
Macromedia shares closed the week below $22, down from a 52-week high of $120.88 in June.
Cirrus Logic (Nasdaq: CRUS) will deliver its fourth-quarter results next week.
Analysts expect the chipmaker to earn 6 cents a share on sales of $197 million following its warning earlier this quarter.
In the third quarter, Cirrus Logic pocketed $22.4 million, or 28 cents a share, on sales of $208 million.
Its shares are perched around $16 a share, down from a peak of $47.67 in October.
Compuware (Nasdaq: CPWR) reports its fourth-quarter numbers next week with analysts forecasting a profit of 16 cents a share on sales of $533 million.
Compuware also warned that its sales would fall short of estimates earlier this quarter.
First Call consensus expects it to earn 16 cents a share on sales of $533 million.
Last quarter, it earned $46.7 million, or 13 cents a share, on sales of $495.4 million.
Compuware shares are hovering around $10 a share, down from a 52-week high of $14.63 in June.