Stocks closed mostly higher on Friday, boosted by strong quarterly earnings from U.S. banks, while investors also digested several pieces of economic data.
The Dow Jones industrial average closed slightly lower, with Wal-Mart contributing the most losses.
"We're taking a breather from last year's Trump trade," said Luke Bartholomew, investment manager at Aberdeen Asset Management. "The question is whether the rally holds or unwinds as we get more details" about President-elect Donald Trump's policies.
The Nasdaq composite advanced around 0.5 percent and recorded its sixth record close of 2017. The S&P 500 gained 0.2 percent, with financials rising 0.5 percent to lead advancers.
For the week, the Dow and S&P posted slight declines, but the Nasdaq rose nearly 1 percent.
"Short-term momentum continues to weaken as the major indices move sideways," said Katie Stockton, chief technical strategist at BTIG, in a note to clients. "The upper boundary of the consolidation phase [in the S&P] is near 2278, and the lower boundary is near 2250. A breakout or breakdown above or below these levels is likely to determine the next tradable move for the market."
JPMorgan Chase, Bank of America and PNC Financial all reported better-than-expected profits, but only JPMorgan exceeded revenue estimates. Another company that reported quarterly results on Friday was BlackRock, the largest asset manager in the world. The firm posted better-than-expected profits, helped by lower expenses and a rush into low-cost exchange-traded funds.