Oil futures for April delivery settled down 29 cents at $32.78 a barrel, after earlier rising and hitting resistance just below $35 a barrel.
The March contract rolled to April on Monday, and on a continuous basis WTI gained 10.59 percent for the week, its best since August. The April contract gained only 3.2 percent for the week.
The Russell 2000 rose about 2.7 percent for the week, for its second-straight week of gains, and ending within 20 percent of its 52-week intraday high, out of bear market territory.
Financials closed up 0.66 percent as the second-best S&P 500 performer Friday, while both the SPDR S&P Regional Bank ETF (KRE) and Bank ETF (KBE) outperformed with gains of about 2 percent. Utilities led sector declines with losses of 2.7 percent.
"That's helpful because a market that has utilities and Treasurys doing well, that's not indicative of confidence," said Quincy Krosby, market strategist at Prudential Financial. "Having money going into the financials ... I do think it's also indicative of the sense the economy is chugging along."
She also said increased expectations of a rate hike and higher oil prices helped financials rise.
Overall personal income and spending in January rose 0.5 percent, while core PCE rose 0.3 percent from the prior month.
"This is good news all around. Markets tend not to like rate hikes but when they're connected with economic growth that's a good (thing)," said Douglas Cote, chief market strategist at Voya Investment Management.
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The U.S. dollar index held about 0.9 percent higher against major currencies, with the euro near $1.094 and the yen at 113.97 yen against the greenback. Pound sterling fell below $1.3900 to hit a fresh low against the dollar, going back to March 2009.
Gold futures for April delivery settled down $18.40 at $1,220.40 an ounce, down 0.8 percent for the week.
Treasury yields held a touch below session highs in late trade, with the 2-year yield at 0.78 percent and the 10-year yield at 1.75 percent.
"The one thing that concerns me, why I'm not a buyer here, is the fear trade is unwinding at the moment," said John Caruso, senior market strategist at RJO Futures.
"We've had a hell of a run up," he said of the week's gains in stocks. "Perhaps you've got some guys booking profits into the weekend."