(CNBC) U.S. stocks closed mixed Friday, giving up most of their opening gains as oil reversed and inflation data increased expectations for a rate hike in the coming year. ( Tweet This )
The major averages still ended the week more than 1.5 percent higher, with the Dow transports rising 1.6 percent for their sixth-straight week of gains.
"I think today's been quite a watershed day in some ways because of the core PCE data this morning," said Lee Ferridge, head of macro strategy, North America, at State Street Global Markets.
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Markets are thinking, "maybe we should start pricing the Fed back in," he said, noting the rise in the U.S. dollar against the euro following the report.