U.S. stocks finished a week of gains with a Friday of little change, following disappointing economic data from China and the U.S. heightened fears about a global slowdown.

"Most of what we've seen in the recent rally is the idea that things will not deteriorate as badly as many had feared," said Bruce McCain, chief investment strategist at Key Private Bank. "These numbers throw cold water on some of the enthusiasm."

The Dow Jones industrial average, S&P 500 and Nasdaq closed the day slightly higher.

All three major indexes ended the week with modest gains. The Dow rose 0.8% while the S&P 500 and Nasdaq were both up over 1%.

Chinese exports, which had been gaining strength for the past few months, rose just 1% from a year earlier in July, which was well below expectations and down from the 11.3% pace of increase in June. The 4.7% uptick in Chinese imports also fell short of forecasts.

Loan growth was disappointing as well, adding to recent concerns about the strength of China's economy.

"Any number that is disappointing runs the risk of raising worries again if you don't get actual intervention," McCain said. "Investors are at the point where they want to see some real action or they'll begin to lose some of the enthusiasm they felt."

On the domestic front, investors digested a report that showed falling U.S. import and export prices.

Meanwhile, the drought continues to push up prices for corn and soybeans. The U.S. Department of Agriculture reported Friday that 2012-2013 corn yields will hit the lowest level since 1995-1996.

The report sparks concern that corn prices, which have risen more than 60% over the last seven weeks, will continue to spike.