(CNBC) U.S. stocks closed lower on Friday, with utilities dropping more than 1 percent, as investors digested hawkish rhetoric from Federal Reserve officials and kept an eye on oil prices.
The Dow Jones industrial average briefly fell more than 100 points lower in midmorning trade, before closing about 45 points lower. McDonald's and Wal-Mart contributed the most losses on the index.
"I think we're just going to see a continuation of this, frankly," said Adrian Day, CEO of Adrian Day Asset Management. "There's not a strong conviction that stocks are cheap ... but there's no other game in town."
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"I think the market just assumes the Fed is off the table," said Randy Warren, chief investment officer at Warren Financial Service. "There's just a lot of money on the sidelines, and that's not consistent with a top in the market."