(CNBC) U.S. stocks closed down on Friday, breaking five weeks of consecutive gains as investors awaited the Federal Reserve's announcement next Wednesday.
The Dow Jones Industrial Average and S&P 500 closed near 3-week lows, as energy led S&P declines for the week and the Dow recovered slightly from an earlier 110-point drop on Exxon losses.
In addition to upcoming central bank news, most analysts said stocks were reacting to being overbought in the last few weeks.
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"This is a market that's basing," Michael Gibbs, co-head of the equity advisory group at Raymond James, said.