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'Spoiled' market is throwing a 'tantrum': Expert

The stock market acted like a "spoiled" child having a "tantrum" this week, fearing a Federal Reserve rate hike after years of easy policy, a financial advisor said Friday.

"It's been getting everything it wants," Ken Mahoney, president of Mahoney Asset Management told CNBC's "Closing Bell."

The three major U.S. indexes fell Friday as the dollar gained against a basket of global currencies and oil dropped. Investors also eyed the U.S. central bank's policy meeting set for next week, wary of a Fed indication that it could tighten monetary policy in the coming months.

Read MoreVolatility reigns as markets weigh dollar's pop

Mahoney believes the U.S. economy can "withstand" higher rates. Joe Heider, president of Cirrus Wealth Management, agreed, adding that the Fed should "set the stage" for a return to normalized rates.

Traders work on the floor of the New York Stock Exchange.
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Traders work on the floor of the New York Stock Exchange.

The surging U.S. dollar, though, increases uncertainty for the Fed and broader markets moving forward, said David Darst, an independent investment consultant, on "Closing Bell." The U.S. dollar index, which measures the greenback against a range of global currencies, climbed more than half a percent, closing above 100 for the first time since April 2003.

The Fed faces a difficult decision in raising rates as the dollar strengthens, Darst said. He added that central banks have incited a "global competition" in currency and interest rates.

Read MoreWatch this signal for more dollar strength

Global economic conditions, he added, have left three main areas where he would stay: Apple, Japan and Europe.

A strong dollar could sit in the back of investors' heads for years, said Kathy Jones, chief fixed income strategist at Charles Schwab.

"We think it could be a multiyear bull market for the dollar," Jones told "Closing Bell."

She added that the currency's strength, combined with sluggish wage growth, could hold back the Fed's tightening decision. Jones does not "know what the hurry is" to raise rates, she said.

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