Stocks Mixed, But S&P 500 Hits Five-Year High

Tickers in this article: AM AXP COF GE INTC JCI MS NFLX RIMM T V ^DJI ^GSPC ^IXIC

"The outlook for developed markets remains uncertain, but we are seeing growth in China and the resource-rich countries," CEO Jeff Immelt said.

Intel exceeded analysts' fourth-quarter earnings estimates but issued guidance Thursday for the first quarter and 2013 below Wall Street views. Shares skidded 6.3%.

Morgan Stanley (MS) swung to a profit in the fourth quarter, beating expectations on equity trading and stronger performance from its wealth management unit. Shares surged 7.9% after the company's report Friday.

"Investors are less bullishly positioned into the 4Q reporting season compared to 2Q or 3Q," said Thomas Lee, chief U.S. equity strategist at JPMorgan, in a recent note. "Hedge funds have a beta of 0.104 compared to 0.249 at the start of 3Q earnings (Oct 2012), while the mutual fund beta at 0.655 is also lower than it was at that period last quarter. In other words, there is a greater potential for upside surprise compared to consensus views."

Major U.S. stock averages rallied Thursday, with the S&P 500 soaring to a five-year high, as better-than-expected economic reports outweighed disappointing quarterly results from Bank of America (BAC) and Citigroup (C) .

The optionsXpress Equity Team said Thursday was "a win" for bulls, but that financials are in "a different boat. With the banks having mixed results, it looks like this sector could be in for a bit of a consolidation."

Gold for February delivery was down $3.80 to settle at $1,687 an ounce at the Comex division of the New York Mercantile Exchange, while February crude oil futures added 7 cents Friday to close at $95.56.

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The benchmark 10-year Treasury was up 11/32 to dilute the yield to 1.844%. The dollar jumped 0.41%, according to the U.S. dollar index .

Capital One Financial ( COF) shares tumbled 7.5% after the company Thursday reported fourth-quarter net income available to common stockholders of $825 million, or $1.41 a share, missing analysts' consensus estimate of $1.59 a share.

Johnson Controls (JCI) shares slumped 3% after the company reported a profit decline and gave a downbeat outlook.

American Greetings (AM) popped 5.2% after CEO Zev Weiss sweetened his buyout bid for the company to $17.50 a share from $17.18 a share.

Research In Motion (RIMM) shares jumped 6.2% after the stock was upgraded to buy from hold at Jefferies.

Netflix(NFLX) shares were upgraded to "buy" from "neutral" at Janney Capital. Shares increased 1.5%.

Visa(V) was downgraded to "neutral" from "outperform" at Robert W. Baird. Shares were down 1%.

-- Written by Andrea Tse and Joe Deaux in New York.

>To contact the writer of this article, click here: Andrea Tse .