Stocks took an early dive Friday and never broke the surface like disappointing corporate earnings took some of the steam out of the rally. Financial exchange-traded funds were hit and power funds rose as vulgar prices closed above $78 a barrel.

Quarterly results from Dow components Bank of America (BAC) International Business Machines (IBM) and General Electric (GE) came in shy of analysts' estimates offsetting Google's (GOOG) strong quarter.

The major indexes slipped in early trading and stayed on the negative side. The Dow Jones Industrial Average will have another opportunity to cross 10000 next week behind closing down 67 points at 9996. The Nasdaq fell 16 to 2157. The S&P 500 dipped 9 at 1088.

IBM and GE each defeat the Street and IBM lifted its outlook for the year. However investors showed concern through IBM’s comments on corporate outlays and frowned on disappointing sales from GE.

Bank of America posted a disappointing loss after adding to its credit-loss reserves. The report sent the bank's shares 4.6% lower.

Consumer sentiment pulled back in early October according to reports on Friday of the Reuters/University of Michigan index. The consumer sentiment index fell to 69.4 from 73.5 in September a sharper-than-expected drop. The consensus forecast of Wall Street economists was for sentiment to slip to 72.0.

For a detailed rundown on Friday's trading session see our market story.

The United States Oil fund (USO) rose 7.0% as crude prices climbed throughout the week. Rising oil prices also pushed up shares of the Energy Select Sector SPDR fund (XLE) 4.3%.

The iShares Silver Trust fund (SLV) fell 2.2% for the week as the metal cost fell. The iShares Dow Jones US Real Estate Index fund (IYR) dropped 2.1% on rising concerns about commercial real estate defaults.

Data Point
Private investment firm Guggenheim Partners took formal control of Claymore Partners on Friday completing a merger announced in July. The acquisition covers all aspects of Claymore's operations including Claymore Securities Inc. Claymore Investments Inc. in Canada and Claymore Advisors. Claymore creates as exchange-traded funds closed end funds and unit investment trusts. Claymore's units are now indirect wholly owned subsidiaries of Guggenheim Partners. It was the 13th-largest U.S. ETF provider as of June 30. In Canada the corporation has over $2 billion in ETF assets under management.

Launching Pad
Once it receives clearance from local regulators iShares said it plans to offer the first exchange-traded fund for Chilean stocks as well as new funds that seek different Brazilian industry sectors. Daniel Gamba Barclays Global Investors’ executive director for Latin America told Bloomberg the company plans to launch more funds before the end of the year.

Claymore Securities plans to launch a China exchange-traded fund based on the AlphaShares China All Caps Index which launched this week. Claymore plans to launch the Claymore/AlphaShares China All-Cap fund (YAO) later this month. The index will be limited to single stock exposure of no more than 5% and sector exposure of no more than 35%. It will measure the performance of all small- mid- and large-cap investable publicly traded Chinese companies currently trading in New York and Hong Kong except it will not include China A-Share or China B-Share offerings. AlphaShares has two other ETF offerings with Claymore: the Claymore/AlphaShares China Real Estate fund (TAO) and the Claymore/AlphaShares China Small Cap Index fund (HAO).

ProShares Trust has sought approval from the Securities and Exchange Commission for a pair of new Treasurys-linked leverage exchange-traded funds. The ProShares Ultra 7-10 Year Treasury and the ProShares Ultra 20+ Year Treasury will seek to capture 200% of the everyday performance of their underlying indexes. Total expense ratios for both funds were pegged at 0.95%.

Earnings and Conference Calls

Monday
A. Schulman Apple Atheros Communications Badger Meter BB&T Boston Scientific Brown & Brown Dockwise Eaton First Defiance Financial Gannett Great Atlantic & Pacific Tea Hasbro ICU Medical Idex JB Hunt Transportation Lincare Holdings McMoRan Exploration metals USA Packaging Corporation of America PetMed Express Renaissance Learning S&T Bancorp Steel Dynamics Texas Instruments Twin Disc UDR Volterra Semiconductor Weatherford International Whitney Holding Zions Bancorp

Tuesday
Allegiant Travel AmeriServ Financial Amylin Pharmaceuticals Applied Industrial Technologies Arbitron Astec Industries Autoliv Aware Bank of New York Mellon Banner Biogen Idec BlackRock Brinker International C.H. Robinson Worldwide Canadian National Railway Candela Capital Bank Capital City Bank Group Carlisle Companies Cascade Financial Caterpillar Cirrus Logic CNH Global Coach Coca-Cola Comerica Cree Cymer DiamondRock Hospitality Drugstore.com DuPont Equity LifeStyle Properties First Cash First Security Group Flexsteel Industries Flushing Financial Forest Laboratories Fulton Financial Gilead Sciences Hancock Holding Hawaiian Holdings iGate iGo Illinois Tool Works Imation Infinera Intuitive Surgical Jefferies Journal Communications LaBranche & Co. Lexmark International Lockheed Martin M&T Bank Manhattan Associates Marten Transport Mercantile Bank Millicom International Cellular Nabors Industries Net Serviços de Comunicação New Oriental Education & Technology Group NuVasive OptionsXpress Holdings Parker Hannifin Peabody Energy Pentair Peoples Bancorp Pervasive Software Pfizer Pinnacle Financial Partners Pixelworks Polycom Precision Castparts Quest Diagnostics Regions Financial Renasant SanDisk Seagate Technology Sherwin-Williams SLM Sonic StanCorp Financial State Street Sterlite Technologies ST Microelectronics Stryker Supertex Supervalu South Financial Group UAL United Technologies UnitedHealth Group Vascular Solutions Vocus Walter Energy Washington Trust Bancorp Western Union Yahoo Zenith National Insurance Zhone Technologies

Wednesday
A. T. Cross Company Aaron's Affymetrix Air Products and Chemicals AirTran Holdings Allegheny Technologies Alliance Data Alliance Fiber Optic Products Altria Group AMB Property Ambassadors Group AmeriCredit Ameriprise Financial Amgen AMR Arkansas Best Astoria Financial ATMI Boeing C.R. Bard Citrix Systems ClickSoftware Technologies Cohen & Steers Cohu Community Trust Conceptus Continental Airlines Core Laboratories CoStar Group Covance Covanta Holding Cullen/Frost Bankers CyberOptics Dice Holdings DST Systems eBay Edwards Lifesciences Elan Equinix FBR Capital Markets Fidelity National Financial Fidelity National Information First Midwest Bancorp Freeport-McMoRan Copper & Gold Gentex Genzyme Graco Hub Group Hudson City Bancorp Intersil iRobot KeyCorp Kinder Morgan Energy Partners Kinetic Concepts Knight Capital Group Knight Transportation Lam Research LaSalle Hotel Properties Lennox International Lindsay Logitech International Mattson Technology MB Financial Media General Morgan Stanley MSC Industrial Direct Northern Trust Northrop Grumman NVE OSI Pharmaceuticals P.F. Chang's China Bistro Penn National Gaming Platinum Underwriters Holdings Range Resources Rimage Robert Half International St. Jude Medical Stanley Works TCF Financial Terex Tractor Supply TriQuint Semiconductor TrueBlue U.S. Bancorp VMWare Wells Fargo Westell Technologies

Thursday
1-800-Flowers.com 3M Company Acacia Research Akeena Solar Alaska Air Group Alexion Pharmaceuticals Align Technology Amazon.com American Express American River Bankshares AmSurg Associated Banc-Corp. AT&T AU Optronics Autobytel.com Avid Technology BancorpSouth BJ's Restaurants. Black & Decker Bottomline Technologies Briggs & Stratton Bristol-Myers Squibb Broadcom Bucyrus International Builders FirstSource Bunge Limited Burlington Northern Santa Fe Cabot Microelectronics Capital One Financial Cash America International Celgene Chartered Semiconductor Manufacturing Check Point Software Technologies Cheesecake Factory Chipotle Mexican Grill Chubb Citizens Banking City National CoBiz Columbia Sportswear Community Bank System Computer Programs and Systems Compuware CONSOL Energy Cooper Industries Corus Entertainment Credit Suisse Group Cybersource Danaher Deckers Outdoor Delta Air Lines Deluxe Developers Diversified Realty Digirad Dow Chemical Eagle Materials EMC Emulex Entergy Federated Investors Fifth Third Bancorp First Commonwealth Financial Freescale Semiconductor Goodrich Corporation Great Southern Bancorp Greenhill & Co. Healthways Hershey Hittite Microwave Hoku Scientific Huntington Bancshares Independent Bank Informatica Insteel Industries Isilon Systems ITT Educational Services Janus Capital Group JetBlue Airways Juniper Networks Kensey Nash Kimberly-Clark Laboratory Corporation of America Leggett & Platt Lender Processing Services Life Time Fitness Marshall & Ilsley MBT Financial McDonald's Merck & Co. Microtune Monolithic Power Systems Netflix New York Times NewMarket Nucor Occidental Petroleum OceanFirst Financial Old Dominion Freight Line Old Republic International Philip Morris International Potash Corporation of Saskatchewan Precision Drilling Trust ProLogis Provident Financial Services Rambus Reliance Steel & Aluminum Reynolds American RightNow Technologies Riverbed Technology Rocky Brands ScanSource SCBT Financial Schering-Plough Seattle Genetics Select Comfort Sonoco Products Spartan Motors Starwood Hotels & Resorts Sterling Financial SunPower SunTrust Superior Uniform Synovus Financial Teledyne Technologies Temple-Inland Terra Industries Travelers Union Pacific US Airways Valley National Bancorp W.R. Grace & Co. WESCO International Western Digital Westwood Holdings Group Xerox Zimmer Holdings

Friday
Active Power AMCOL International AVX Cache Celestica Columbus McKinnon Delta Apparel Dr. Reddy's Laboratories EMC Insurance Group Exelon Honeywell Horizon Lines Idexx Laboratories Ingersoll-Rand Power Integrations Sify Timken United Community Banks Viad Whirlpool Wilmington Trust

Economic Data

Monday
1 p.m. NAHB Housing Market Index

Tuesday
7:45 a.m. ICSC-Goldman Store Sales
8:30 a.m. Housing Starts
8:30 a.m. Producer Price Index
8:55 a.m. Redbook

Wednesday
7:00 a.m. MBA Purchase Applications
10:30 a.m. EIA Petroleum Status Report
2:00 p.m. Beige Book

Thursday
8:30 a.m. Jobless Claims
10:00 a.m. FHFA House Price Index
10:00 a.m. Leading Indicators
10:30 a.m. EIA Natural Gas Report
4:30 p.m. Fed Balance Sheet
4:30 p.m. Money Supply

Friday
10:00 a.m. Existing Home Sales

A seem at how the industry's most popular ETFs did on Friday.

SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney a joint venture between Dow Jones & Company Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.