The tech-heavy Nasdaq Composite (COMP) gained 24 points, or 0.9%, to 2,859. The index climbed roughly 2.5% for the week.
The Dow Jones industrial average (INDU) lost 43 points, or 0.3%, to close at 12,681; and the S&P 500 added slightly more than a point to close at 1,345. The Dow rose 1.4% for the week and the S&P rose more than 2%.
"There were pretty high expectations for Caterpillar heading into its earnings this season," said Anthony Conroy, head trader with BNY ConvergEx. "Despite their miss, I'm still optimistic for this earnings season."
While some more bearish traders pointed to Caterpillar's results as a sign there is still weakness in the economy, others felt that Caterpillar's weakness appeared to be more temporary.
"The problem with Caterpillar was, by and large, Japan," said Phil Orlando, market strategist with Federated Investors. "Caterpillar is just one of many companies who can point to the supply chain problems following the Japanese earthquake. I think it sets them up for a stronger second half of the year."
Friday's weakness came a day after U.S. stocks surged, following news that European leaders reached an agreement to contain Greece's debt crisis.
The aid package, which officials said will cover all of Greece's financing needs, involves lowering interest rates and extending the payback period on existing loans to Greece from the EU and International Monetary Fund.
"The outlook for both the U.S. and Europe is clearly getting better but it's not over yet," Conroy said.
The dollar strengthened against the euro and British pound, but weakened against the Japanese yen.
Oil for September delivery rose 74 cents to $99.87 a barrel.
Gold futures for August delivery climbed $14.50 to $1,601.50 an ounce.
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