Dow futures fell in Friday's late session after an apparent attempted coup in Turkey, as the news began to flow.
In regular trading, the blue-chips index extended its winning streak to six days. The Turkish lira plummeted against the dollar and the euro after an apparent attempted coup against the Turkish government.
Art Hogan, chief market strategist at Wunderlich Securities that, since it was a Friday afternoon, there were few players in the market and it was easy for them to move the market.
"The news of this coup in Turkey is hitting us," he said. However, he emphasized it was a knee-jerk reaction and did not necessarily indicate what the market would look like on Monday.
The iShares MSCI Turkey ETF (TUR) fell about 7 percent in after-hours trading.
"The situation is still very fluid," said Adam Sarhan, CEO of Sarhan Capital. "Investors, typically, during times of duress, sell first and ask questions later."
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U.S. stocks closed mostly lower Friday as a massive rally on Wall Street eased.
"It's probably just a pause," said Randy Warren, chief investment officer at Warren Financial. "We're starting to get decent economic data; now it's time for earnings to back that up."
The Dow Jones industrial average ended about 9 points higher, with Boeing and Caterpillar contributing the most gains. The blue-chips index extended its winning streak to six days.
The S&P 500 closed 0.1 percent lower, as consumer discretionary lagged. The Nasdaq also fell about 0.1 percent.
Stocks closed higher Thursday, with the S&P and the Dow posting new record highs.
Earlier, equities traded mostly higher, after bank earnings continued to impress and retail sales numbers came in better than expected.
Retail sales beat economists' expectations, rising 0.6 percent in June versus consensus of a 0.1 percent increase, in another sign that consumer spending increased in the spring.
"The consumer is such a big part of the U.S. economy," said Bill Stone, chief investment strategist at PNC Asset Management Group. "With retail sales looking good, it really helps what people are thinking about in terms of the economy."
U.S. consumer prices increased for the fourth straight month in June. The Consumer Price Index rose 0.2 percent last month, the Labor Department said, after a similar gain in May.
A key measure of consumers' attitudes, Index of Consumer Sentiment, was reported lower so far this month. Sentiment came in at 89.5 for July's preliminary reading, the University of Michigan said. Economists expected the preliminary sentiment index to hit 93, according to a Thomson Reuters consensus estimate.
Thursday, weekly jobless claims showed no change week over week and the June reading of the producer price index came in better than expected.
"Investors are not being blindsided by the earnings numbers from the big banks; that's critical to keep volatility low and as low keep market sentiment stabilized," said Chad Morganlander, portfolio manager at Stifel Nicolaus. "Financials have been reporting resilient earnings, which bodes well for the overall market."