Stocks finish wild week with a modest gain

U.S. stocks finish a volatile week with modest gains on Friday, finishing flat for the week as a whole.

In the absence of major economic data in the U.S., investors focused on moves by China to rein in their inflation, while Ireland continues to negotiate a bailout arrangement from the European Union and International Monetary Fund.

The Dow Jones Industrial Average rose 22.32 points, or 0.20 percent, to 11,203.55. The S&P 500 index edged up 3.04 points, or 0.25 percent to 1,199.73 and the Nasdaq gained 3.72 points, or 0.15 percent to 2,518.12.

The Central Bank of China raised its reserve requirement ratio by 50 basis points. It was the fifth time this year the central bank has raised the reserves ratio.

Speaking in Frankfurt, Germany, Federal Reserve Chairman Ben Bernanke defended the central bank's plan to stimulate economic growth through the purchase of bonds.

Salesforce.com (NYSE: CRM) surged 18.1 percent to a record high after the company reported sales that shattered analysts' expectations and also provided a bullish forecast for the current quarter.

Dell (NASDAQ: DELL) rose 1.68 percent after posting good quarterly profits late Thursday.

Del Monte Foods (NYSE: DLM) soared 11.46 percent on news that private equity firm Kohlberg Kravis Roberts & Co. is in advanced talks to purchase the company.

AnnTaylor Stores (NYSE: ANN) gained 8.5 percent after its third-quarter profits and revenues beat Wall Street estimates.

Oil and gold fell modestly.

Bond prices rose as the yield on the 10-Year Treasury slipped 2.87 percent from 2.90 percent late Thursday.

European/UK stock indices were mixed.