Updated: 6:13 p.m. ET

Stocks closed higher on Friday -- not a lot higher -- despite a report showing the U.S. unemployment rate topping 10% for the first time since June 1983.

The rally came as gold briefly hit $1,101.90, but energy prices moved lower in part because of the unemployment report.

The Dow Jones industrials ($INDU) closed up 17 points to 10,023. It was the first weekly close above 10,000 for the blue-chip index since October 2008.

The Standard & Poor's 500 Index ($INX) was up 3 points on the day to 1,069, and the Nasdaq Composite Index ($COMPX) was up 7 points to 2,112.

The major averages all showed gains for the week after two weeks of losses.

John Reed, who helped engineer the merger that created Citigroup (C), apologized for his role in building a company that has taken $45 billion in direct U.S. aid and said banks that big should be divided into separate parts.

"I'm sorry," Reed, 70, told Bloomberg News. "These are people I love and care about. You could imagine emotionally it's not easy to see what's happened."

• Bing: Read more about John Reed

Citigroup was formed in 1998 when Citicorp, a commercial bank, combined with Sanford I. Weill's Travelers Group, which owned the investment firm Salomon Smith Barney.

The insurance operations of Travelers was later spun off into Travelers Companies (TRV), which has replaced Citigroup in the Dow Jones Industrial Average ($INDU).

Updated: 3:24 p.m. ET

Theoretically, a report showing the U.S. national unemployment rate hitting 10.2% would just kill stocks.

In fact, there were worries that the bad jobs report today would turn Thursday's rally into a one-day wonder.

The jobs report was bad; the details suggested it was worse than the headline numbers indicate. But stocks have held their own. 

Even when gold hit $1,100 an ounce for the first time. Gold later fell and settled at $1,095.70 an ounce. But that was still a 0.8% gain for the day and a 5.3% gain for the week. Mining and metals stocks were higher.

At 3:10 p.m. ET, the  Dow Jones industrials ($INDU) were off 8 points to 9,998. The Nasdaq Composite Index ($COMPX) had gained 2 points to 2,108, and the Standard & Poor's 500 Index ($INX) was flat at 1,066.

Today's big question: Is U.S. unemployment topping 10% the end of the world?

This is not a facetious question. Rather, it's important to put the unemployment rate into some context.

Only one other time since World War II has the U.S. unemployment rate topped 10% -- between September 1982 and June 1983. It briefly hit 9% in May 1975 and fell to 7.4% a year later.

The unemployment rate was -- as it usually is -- a laggard. It hit 10.1% in September 1982, moving up from 9.8% in August.

Updated: 11:45 a.m. ET.

More people were buying Starbucks (SBUX) coffee in the past few months, helping to lift the company's sales at stores open at least one year in its most recent quarter.

Same-store sales fell 1% in Starbucks' fiscal fourth quarter, the company said late Thursday, an improvement from the 5% decline it reported in the previous quarter and an 8% drop in the quarter that ended in March. (Watch the CNBC video below for more analysis and insight.)

Starbucks has shuttered more than 900 stores to help cut $580 million in costs in its most recent fiscal year, which ended Sept. 27.

But "the future of the company is not based on cost takeouts," CEO Howard Schultz told Bloomberg News late Thursday. "It's based on innovation and the emotional connection and trust we have with our customers."

Updated: 5:20 p.m. ET

The price of gold hit a new high of $1,101.90 an ounce this morning after the Labor Department released its ugly October jobs report.

But the price fell back as the day wore on, and gold settled at $1095.70 an ounce in New York, up $8.40 and a new closing high.

Gold was up $55.30 an ounce on the week, a 5.3% gain. It's up 23.9% this year.

Gold is benefiting from a "flight to quality," Adam Klopfenstein, senior market strategist at commodities brokerage firm Lind-Waldock, told CNNMoney.com.