Stocks trade mixed, headed for big weekly loss

    Stocks are slightly higher in midday trading as concerns about Europe and a budget impasse in Washington kept market gains in check.

    Indexes rose earlier Friday after strong earnings reports from Google Inc., Mattel Inc. and Citigroup Inc. Buyout offers for Clorox Co. and Petrohawk Energy Corp also lifted stock prices. The positive news overshadowed a weak report on U.S. factory output in June.

    Investors were waiting for the results of stress tests designed to show how well Europe’s banks would withstand losses on European government bonds.

    Just before noon, the S&P 500 index is up 4 points, or 0.3 percent, at 1,313. The Dow is up 16, or 0.1 percent, at 12,453. The Nasdaq composite index is up 17, or 0.6, at 2,780.