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Investors also will face a blizzard of earnings, which many analysts believe will continue to support the rally that began early this month. But any disappointments in either earnings or outlooks could, of course, trigger a sharp sell-off.

What's more, the market is likely to continue to garner support from investors' hopes that the Federal Reserve will take more steps to stimulate the economy, in what's known as "quantitative easing" or "QE2." The Fed is expected to unveil its initial commitment under QE2 at its November 2-3 meeting.

The Chicago Board of Options Exchange (CBOE) Volatility Index, or VIX .VIX, a gauge widely used to measure investors' anxiety levels, fell 2.54 percent on Friday to close at 18.78, its lowest level since April. The VIX, which rose to near 50 in May, has been around or under 20 for the past two weeks.

Options traders note that there is a clear sign of extreme complacency in the VIX and that it is making the market more vulnerable than before.

"The 'market volatility' index will see a lot more volatility (next week) since it is at such low levels now," said Steve Claussen, chief investment strategist at online brokerage OptionHouse.com.

The iPath S&P 500 VIX Short Term Futures exchange-traded note, or ETN (VXX.P) is also at a new 52-week low of 12.83. The ETN offers directional exposure to volatility and is based off of the front two-month VIX futures.

"If you look at VIX futures, investors seem to be always preparing for something to trigger the volatility to spike up again, yet there is nothing major in the immediate future that justifies that," Claussen said.

The VIX futures were traded at around 21 for November and 24 for December, but going into 2011, they were showing an increase of 40 percent, trading above 26.

The VIX, widely known as Wall Street's fear gauge, is a 30-day risk forecast of stock market volatility. The index typically has an inverse relationship with the S&P benchmark as it tracks option prices that investors are willing to pay as protection on the underlying stocks.

Earlier this week, the VIX instantly shot up nearly 12 percent when stocks suffered their steepest one-day decline since August after a surprising rate hike from China.

EARNINGS ON CENTER STAGE

Earnings will remain the center of attention next week. Many analysts predict that earnings will continue to support the market rally that kicked off October. If more companies report strong results, that could bolster sentiment, along with hopes for more Fed easing.

In the last week of October, 177 S&P 500 companies are due to report their balance sheets, of which seven are Dow components. Among them are energy giants Exxon (XOM.N) and Chevron (CVX.N) and technology giant Microsoft (MSFT.O).

S&P 500 earnings are expected to increase 28 percent for the third quarter from a year ago, up from a growth estimate of 24 percent last week, according to Thomson Reuters data.

The IMF deal was hailed by fund Managing Director Dominique Strauss-Kahn as a "historical" moment that will see Europeans give up two seats on its 24-strong board to powerful developing countries and transfer 6 percent of votes to them.

"This makes for the biggest reform ever in the governance of the institution," Strauss-Kahn, who heads the 187 country body, told reporters.

The G20 agreed a year ago to shift at least 5 percent of voting rights to developing countries such as India and Brazil whose clout within the Fund has not kept pace with their emergence as major engines of global growth.

Despite the surprise deal on the IMF, which had not been expected until G20 leaders meet in South Korea next month, efforts to firm commitments to enshrine numerical targets for current account deficits met with tough resistance.

Attempts to firm up rhetoric in the final communique to push emerging market countries to accept meaningful near-term appreciation of their currencies failed and all countries will commit to is to refrain from "competitive devaluation."

"We're all committed to moving toward market determined exchange rates that reflect underlying fundamentals and refrain from competitive devaluation," said an official, who spoke on condition of anonymity.

The lack of a stronger pledge from the likes of China and the South Korean will likely hit the dollar, economists said.

A U.S. official separately told Reuters the United States had no expectation its proposal of setting numerical targets on external balances would make it into the G20 statement.

The U.S. official said Washington knew that including specific targets for imbalances at this stage would be rejected by a number of countries with structurally high trade surpluses, including Germany and major commodity exporters. But it helped focus the discussions which initially were in disarray, he said.

A source with knowledge of the night-long discussions confirmed that the final statement would water down proposals on tackling external imbalances. "Persistently large imbalances would warrant an assessment," the communique would state, he said.

Such an outcome is what other G20 officials had predicted, given the disparate views of the diverse group.

China was against any limits on imbalances, another G20 source said on Friday. He also said there was a "rift down the middle" on currencies and International Monetary Fund reforms, and the final statement would be "bland."

There was, however, broad agreement that "unilateral and uncoordinated responses" to shore up fragile economies could prove damaging for everyone, a source said.

In a letter read to fellow finance ministers of the G20 on Friday, Treasury Secretary Timothy Geithner said countries should act to reduce their current account imbalances below a specified share of national output.

The biggest was Hillcrest Bank of Overland Park, Kansas, which had approximately $1.65 billion in total assets and $1.54 billion in total deposits.

Regulators also closed First Arizona Savings, Scottsdale, Arizona; First Suburban National Bank, Maywood, Illinois; First National Bank of Barnesville, Barnesville, Georgia; Gordon Bank, Gordon, Georgia; Progress Bank of Florida, Tampa, Florida; and First Bank of Jacksonville, Jacksonville, Florida.

A newly chartered bank subsidiary of NBH Holdings Corp, Boston, Massachusetts, will assume all of the deposits of Hillcrest Bank.

The new NBH subsidiary, also called Hillcrest Bank, also agreed to purchase essentially all of the failed bank's assets, the FDIC said.

First Arizona Savings had approximately $272.2 million in total assets and $198.8 million in total deposits.

At the time of closing, the bank had an estimated $1.8 million in uninsured funds.

The FDIC said it was unable to find another financial institution to take over the banking operations of First Arizona Savings. As a result, checks to depositors for their insured funds will be mailed on Monday.

First Suburban National Bank had about $148.7 million in total assets and $140.0 million in total deposits.

Seaway Bank and Trust Company, Chicago, Illinois, assumed all of First Suburban's deposits and agreed to purchase essentially all of the failed bank's assets.

First National Bank of Barnesville had approximately $131.4 million in total assets and $127.1 million in total deposits.

United Bank of Zebulon, Georgia, assumed all of the Barnesville bank's deposits and agreed to purchase essentially all of the assets.

Gordon Bank had approximately $29.4 million in total assets and $26.7 million in total deposits.

Morris Bank of Dublin, Georgia, paid a premium of 0.5 percent for the deposits of Gordon Bank and agreed to purchase about $11.5 million of the failed bank's assets. The FDIC will keep the remaining assets for later disposition.

Progress Bank of Florida had approximately $110.7 million in total assets and $101.3 million in total deposits.

Bay Cities Bank of Tampa, Florida, assumed all of Progress Bank's deposits and agreed to purchase essentially all of the failed bank's assets.