(CNBC) U.S. stocks closed lower on Friday, as a week of mixed economic data, renewed dollar strength and sharply lower oil prices made traders cautious ahead of next week's Fed meeting.
"I think the fear is the Fed is going to raise rates... to preserve their reputation," said Paul Nolte, portfolio manager at Kingsview Asset Management. "That's part of the reason why we're seeing a very strong dollar, weakness in oil and metals."
The U.S. dollar rose more than half a percent to a new 52-week high, for its first close above 100 since April 2003. The euro extended losses to fall below $1.05.
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