(CNBC) U.S. equities closed mostly lower on Friday as investors digested disappointing economic data, following a record-setting day on Thursday.
"The market has been on a tear and it got a little bit ahead of itself," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "I think what you're seeing here is some profit-taking and people squaring their books before the weekend."
The Dow Jones industrial average closed about 40 points lower, with IBM contributing the most losses. The benchmark S&P 500 fell nearly 2 points, with materials lagging, but managed to eke out a slight weekly gain. The Nasdaq composite rose about 0.1 percent and notched a seven-week winning streak, its longest since 2012.
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