YAHOO: Stocks started the session in negative territory before making their way higher to tout gains in excess of 3%. Although another late selling effort pared gains, the stock market still finished higher. Friday's advance put an end to the month-long streak of failing to register back-to-back gains.

Earnings announcements were relatively light ahead of the opening bell, causing market participants to turn to other corporate announcements and economic data.

Integrated oil giant Chevron (CVX 74.60, +0.42) traded in choppy fashion after posting better-than-expected third quarter results. Its net income more than doubled, thanks largely to record high oil prices.

Oil prices were down more than 4% at their session low, but made a rallied late in the day to close roughly 3% higher near $68 per barrel. Despite the rally in crude prices, energy remained a laggard. It ended the session just 0.6% higher, up 13.3% for the week.

Tech (+0.1%) was also a notable laggard. Semiconductors fell 0.4% after Intel (INTC 16.03, -0.14) indicated current financial conditions could have a negative impact on operations.

Internet search companies Yahoo! (YHOO 12.82, -0.11) and Google (GOOG 359.36, -0.33) posted mixed results after reports suggested a business deal between the pair is looking unlikely due to regulators' requirements.

Financials emerged to provide leadership after lagging in the prior session. The sector closed 5.5% higher, more than any other sector, as every one of its industry groups advanced. Financials finished the week 11.6% higher.

Failing to participate in the gains, though, was Barclays (BCS 10.73, -2.88). Shares of the British bank sunk after it received nearly $12 billion in capital from a group of Middle East investors, according to reports.

Separately, Fed Chairman Bernanke stated in a prepared speech that the idea of privatizing GSEs and letting them compete as private mortgage insurers and securitizers has been discussed. He also stated that at least under the most stressed conditions, some form of government backstop may be necessary to ensure continued securitization of mortgages.

Many pundits continue pointing to the need to shore up the housing industry and, in turn, mortgage exposure on banks' balance sheets before the economy can get back on track.

Still, central banks continue using traditional tools to stimulate growth. Most recently, Japan's central bank announced a key overnight lending rate target cut to 0.3% from 0.5%.

In other economic data, the core PCE deflator was up 0.2%. Total PCE deflator was up 0.1%, as energy prices dipped. The third quarter employment cost index provided good news from an inflation standpoint, and with a softer labor market, there is reason to expect the favorable trend to persist.

September personal income and spending numbers were down 0.3%, reaffirming what was indicated in the advance third quarter GDP release.

For the week, investors pushed stocks more than 10% higher, whcih marks the best single-week advance in recent years. However, the stock market finished the month almost 17% lower, marking one of the worst monthly performances in decades.DJ30 +144.32 NASDAQ +22.43 SP500 +14.66 NASDAQ Adv/Vol/Dec 2147/2.48 bln/653 NYSE Adv/Vol/Dec 2268/1.57 bln/835