Wall Street closed flat on Friday, hovering near the previous session's record-high close for the Dow and S&P 500, while the dollar firmed as investors digested the Federal Reserve's 50-basis-point cut midweek that started a rate reducing cycle.

U.S. stocks drifted around their all-time highs, as a record-setting week for Wall Street closed on a quieter note

A record-setting week for Wall Street is closing on a quieter note Friday, and U.S. stocks are pulling back from their highs hit during a worldwide rally the day before. The S&P 500 was down 0.5% in late trading,