By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- The U.S. stock market edged higher on Friday after a wobbly start as economic data pointed to a slowdown in the economy with unusually cold weather playing a part.

The main stock indexes are on track to record their second straight week of gains.

The S&P 500 index (SPX) was 5 points, or 0.1%, lower at 1,827.22 and on track to record a gain for the week. The Dow Jones Industrial Average (DJI) fluctuated at the beginning but gained 62 points, or 0.4% to 16,090.02, also on track for a weekly gain. Two-thirds of the blue-chip index's components traded higher. The Nasdaq Composite (RIXF) was 4 points, or 0.1% lower at 4,235.59, snapping its six-day winning streak. Follow our stock market live blog.

Economic data on Friday was mixed. Earlier, a surprise drop in industrial production in January, with the cold weather knocking manufacturing and mining output, dampened the mood.

However, consumer sentiment was unchanged in February, with a preliminary reading slightly above consensus expectations, according to reports on a gauge from the University of Michigan and Thomson Reuters.

"The big question surrounding U.S. equity markets at the moment is the true strength of the domestic economy," wrote Nicholas Colas, chief market strategist at ConvergEx Group, a global brokerage company based in New York.

"The half-empty-glass crowd feels the answer is somewhere around 1.5% GDP growth. Half-full adherents say it is closer to 3%. Something called 'Winter' seems to be getting in the way of a clear read at the moment, even if seasonal vagaries are as much a part of February as last minute calls to the florist," Colas said.

In the corporate space, Cliffs Natural Resources (CLF) shares advanced 6.4% after the firm said late Thursday it appointed a new CEO and beat earnings estimates. Cliffs Natural announced that Gary Halverson will lead the firm a day after activist investor Casablanca Capital LP put forward a different candidate.

Trulia (TRLA) tumbled 17% after the online real-estate listing site reported Thursday its fourth-quarter loss widened, while adjusted earnings per share missed analysts forecasts. Shares of Zillow Inc. (ZILLOW.XX), another online real-estate listing service, fell 7%.

Weight Watchers International Inc. (WTW) slumped 26%. The company on Thursday reported fourth-quarter earnings of 54 cents a share and forecast 2014 earnings of $1.30 a share to $1.60 a share, sharply lower than analysts' estimate of $2.72 a share.

Agilent Technologies Inc. (A) was down 7% after reporting its earnings late Thursday. The diversified testing-equipment company said its first-quarter earnings rose, but the company's profit forecast was short of analyst expectations.

VF Corp. (VFC) slid 5.7% after its earnings results came in below expectations.

Campbell Soup Co. (CPB) shares rallied 4% after the company's quarterly earnings that topped expectations.

Shares of Jos. A. Bank Clothiers Inc. (JOSB) fell 2% after the upscale men's retailer said it agreed to buy Eddie Bauer for $825 million in cash and stock.

In other financial markets, European stocks traded in positive territory after economic-growth data for the euro zone showed a pickup in pace. Gross domestic product for the currency union advanced 0.3% quarter-on-quarter in the final three months of last year, with Italy ending its two-year recession.

Asia markets closed mostly higher. The dollar dropped against most major currencies, while most metals prices rose and oil prices fell.

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