Pre-market futures pointed higher, and there was no economic news to complicate Friday's open. Disregarding some options noise in the first minute of trading, the index rose at the open to a late morning high, up 0.86%. It then traded sideways in a fairly narrow range and was near the bottom of the range at the start of the final hour. The buying then accelerated slightly, and the index hit its intraday high in the last minutes, closed just below that high for a Friday gain of 0.88%. For the week, however, the index dropped 2.11% ... its worst weekly performance since election week last November, when it fell 2.43%.
Here is a 15-minute look at the week. The one bit of suspense today was whether the final hour of trading would break above that dotted line in the vicinity of 1555 or bump into it and break lower. We got neither.
Volume was about 12% above its 50-day moving average Friday, but a chunk of that was options related. Here is a daily chart of the SPY ETF, which gives us a better sense of the actual trading volume
The S&P 500 is now up 9.05% for 2013 and 2.39% below the all-time closing high of April 11th.
For a better sense of how these declines figure into a larger historical context, here's a long-term view of secular bull and bear markets in the S&P Composite since 1871.