Stocks ended mixed Friday, with banks rallying after Congress finally settled on a financial-reform bill. For the week, though, stocks lost 2.9 percent, led by energy.

The Dow Jones Industrial Average ended down 8.99, or 0.1 percent, at 10,143.81 today, while the S&P 500 and Nasdaq ended higher. The CBOE volatility index, widely considered the best gauge of fear in the market, dropped below 29 but was still higher than where it ended last week, at 23.88.

Banks rallied after Congress reached a deal on financial reform, with Bank of America [ BAC 7.13  -0.17 (-2.33%) ], JPMorgan [ JPM 35.60  -0.64 (-1.77%) ] and Goldman Sachs [ GS 98.43  -1.44 (-1.44%) ] all up more than 2 percent.

"In the short term, there is not a lot of impact at all," Anton Schutz president of Mendon Capital Advisors, told CNBC of the financial-reform bill. "[E]arnings are not going to be dramatically affected and some of the banks stocks are "very cheap," said Schutz.

The legislation, now called the Dodd-Frank bill, now goes to the full House and Senate for a vote and could be signed into law by President Obama by July 4.

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