Financial shares rallied Friday on relief that the new version of the Wall Street reform bill is less restrictive than expected, but the broader market was mixed at the end of a down week on Wall Street.
Dow Jones industrial average lost 9 points or 0.1 percent. The S&P 500 gained 3 points or 0.3 percentÂ and the Nasdaq composite gained 6 points or 0.3 percent.
Stocks seesawed in the morning after economic growth in the first quarter was revised lower. Initially, investors showed little reaction to the news that lawmakers in the House and the Senate finalized negotiations on the most sweeping financial reform since the New Deal. But as the session wore on, the tone improved and the rally in bank shares spread to the broader market.
However, markets turned mixed near the close and trading volume amped up amid the impact of the annual rebalancing of the the Russell indexes. They include the Russell 1000 index of the largest American companies and the Russell 200 index of smaller companies.
Oil spikes 3% on Gulf-storm worriesÂ
Oil prices spiked more than 3Â percentÂ Friday, as investors worried that storm in the Caribbean could intensify and enter into the Gulf of Mexico over the weekend and ultimately disturb oil production.
Crude oil futures for August delivery rose $2.35, or 3.1 percent, to $78.86 a barrel. The national average price for a gallon of regular unleaded gas increased to $2.755, up 0.2 cent from the previous day's $2.753, according AAA.
The National Hurricane Center said a tropical storm developing in the Caribbean has an 80% chance of forming into a tropical cyclone in the next 48 hours. Investors are concerned that the heavy storm could move into the Gulf of Mexico and interrupt crude production.
Dollar upÂ against euro ahead of G-20Â
The dollar rose against the euro Friday ahead of the G-20 policy meeting and after a disappointing report on growth reinforced worries about the economic recovery.
The dollar was up 0.3 percentÂ versus the euro to $1.2294.Â Against the U.K. pound, the dollar lost 0.3 percentÂ to $1.4976, and it fell 0.4 percentÂ against the Japanese yen to ÂĄ89.32.
It's been a choppy week for the dollar. The U.S. currency started the week higher, gaining as investors realized China's move to let its currency more freely would be gradual.Â But after the Federal Reserve kept its interest rate policy unchanged on Wednesday, the greenback lost ground and turned mixed by the end of the week as economic data failed to restore investors' confidence in the health of the economy.
On Friday, investors turned their focus to this weekend's G-20 economic summit, where President Obama and other world leaders will meet in Toronto to discuss global economic conditions.
Treasury prices rose Friday after the government said economic growth was weaker than previously estimated and a major overhaul of financial regulations cleared a legislative hurdle.
The benchmark 10-year note was up 10/32 to 103-11/32 and its yield fell to 3.11 percentÂ from 3.12 percentÂ on Thursday. Bond prices and yields move in opposite directions. The 30-year bond rose 26/32 to 105-15/32 with a yield of 4.06 percent. The 2-year note gained 2/32 to 99-31/32 and its yield was 0.66 percent.
Economic growth for the first three months of the year was revised lower, to an annual rate of 2.7 percentÂ from the previous reading of 3 percent. Economists surveyed by Briefing.com expected growth to remain unchanged at 3 percent.
Treasurys were on track for a weekly gain as investors remain nervous about the economy. The Federal Reserve issued a more cautious outlook earlier this week, raising concerns about housing and the outlook for growth. In addition, the U.S. sold $108 billion worth of Treasurys this week, including 2-, 5- and 7-year notes.
CNNMoney.com reporters Blake Ellis, Alexandra Twin, Ben Rooney andÂ Hibah Yousuf contributed to this report.