(CNBC) U.S. stocks closed lower on Friday, but posted weekly gains, as investors digested key inflation data and looked ahead to next week's Federal Reserve meeting.
"Investors are taking a look at the next catalyst. I think a potential rate hike is definitely a major catalyst," said Mike Bailey, director of research at FBB Capital Partners, noting he does not expect the U.S. central bank to raise interest rates next week. "The two main things the Fed looks at are jobs and inflation. On jobs, you can check the box; on inflation, we're not so sure."
The Dow Jones industrial average briefly fell more than 100 points before closing about 90 points lower, as United Technologies and Goldman Sachs contributed the most losses. At session lows, the Dow fell 142.27 points.
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