U.S. stocks mostly fell on Friday, but the Dow Jones Industrial Average managed to post its first weekly gain of the year, as Wall Street gauged a reduced outlook from United Parcel Service and earnings from corporations including General Electric and Morgan Stanley.
"We're at the intersection of full valuations in the equity market, and the likelihood that we may run out of positive economic surprises; it doesn't mean the news can't be good, but maybe not surprisingly good," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
United Parcel Service estimated quarterly profit beneath analysts' expectations, partly due to a shorter U.S. holiday season. The delivery company said it expects to report a profit of $1.25 per share for the fourth quarter, versus estimates of earnings of $1.43 a share. Its share fell 0.6 percent. FedEx shares were down 0.9 percent.