By Barbara Kollmeyer

MADRID (MarketWatch) -- European stocks closed thinly mixed Friday as U.S. economic data inspired some buying, but investors appeared reluctant to hold on to stocks over the weekend, with next week's Federal Reserve policy meeting and midterm elections looming.

The Stoxx Europe 600 index finished up 0.02% at 265.96 on the last trading day of the month, barely managing a second-straight win. The index is down 0.9% for the week and up 3.2% for the month.

Investors digested a string of U.S. economic reports. Stocks got a boost from the release of U.S. gross domestic product data that showed a slightly faster pace of growth for the third quarter. .

Separately, the Chicago purchasing managers index in October rose to 60.6 from 60.4, stronger than the expected reading of 57. Investors appeared to shrug off another economic report showing a decline in U.S. consumer sentiment.

The bigger focus for markets in Europe and elsewhere remains a potential further round of quantitative easing from the Fed, which holds a monetary-policy meeting early next week. U.S. midterm elections are also taking place next week, creating jitters.

Bernard McAlinden, strategist at NCB Stockbrokers, said the markets have been checking themselves ahead of that meeting. "They had run ahead on quantitative easing and more recently have been tempering expectations, and by now they've possibly adjusted," he said.

In London, the U.K. FTSE 100 index closed off 0.05% at 5,675.16, with shares of utility companies gaining after Scottish & Southern Energy PLC said it was raising prices for household gas by 9.4% on Dec. 1. Its shares rose 3.4%.

The news triggered gains across the utility sector, with Centrica PLC climbing 3.2%, Severn Trent PLC adding 2% and United Utilities Group rising 1.2%.

Shares of British Airways dropped 3.6%. The firm said it returned to a six-month profit, but it was cautious on the outlook for its business.

"While positive, the economic environment continues to be subject to uncertainty, to which the increase in APD [air passenger duty] is unhelpful. We continue to focus on managing our costs," the airline said.

Miners, which helped the market break a two-session losing streak Thursday, fell on Friday. Shares of Xstrata PLC declined 3.2%, and Rio Tinto PLC (R) lost 1.7%.

Utility shares also rose in France, but the CAC 40 index slipped to close weaker, down 0.04% to 3,833.50. Shares of GDF Suez SA rose 1.6%, and Electricite de France SA gained 1%.

Shares of French energy giant Total SA (TOT) fell just slightly, paring earlier losses as the firm reported a sharp rise in quarterly profit, buoyed by higher oil and gas prices.

Germany's DAX 30 index closed up 0.1% to 6,601.37. Shares of BMW AG added 3.3% after being upgraded to buy from neutral by Goldman Sachs, which said it continues to see "significant value" in the auto sector.

The investment bank cut PSA Peugeot-Citroen SA to sell from neutral, saying the company faces structural challenges. Shares fell 0.4% in Paris.

Shares of Daimler AG rose 1%, recovering from an earlier fall after the car maker was downgraded to hold from buy at Societe Generale.

German retailer Metro AG , led decliners with shares falling 1.6% after HSBC cut it to neutral from overweight, saying the firm's valuation is now in line with its peers.

In Sweden, shares of tool and machinery maker Sandvik AB fell 4.4% after the company's third-quarter profit missed analyst forecasts.

On the economic front in Germany, data showed retail sales dropped 2.3% in September from the prior month.