U.S. stocks hovered near recent highs on Friday, with investors wary of making big bets heading into a holiday weekend when hopes are set for Greece's bailout plan to be approved.
The market also was seen pausing from its rally as earnings season winds down. More than 80 percent of the S&P 500 companies
have reported results, with 64 percent beating expectations.
It is typical that once you get earnings coming to a close,
you find the market takes a pause to digest, said Bruce Zaro, chief technical strategist, Delta Global Asset Management in Boston.
The S&P 500 index has risen 8 percent this year.
Some analysts expect the market to sell into the close, as euro-zone finance ministers will meet to approve a 130 billion euro rescue package for Greece on Monday when the U.S. market will be closed for the Presidents Day holiday.
Equity markets have tended to react positively on progress in helping Athens avoid a chaotic bailout. But agreements have broken down at the last minute.
Europe turmoil still has an effect, said Zaro. It would be unusual to have strength into the close.
The Dow Jones industrial average <.DJI> rose 25.24 points, or 0.20 percent, to 12,929.32. The S&P 500 Index <.INX> edged up 0.70 point, or 0.05 percent, to 1,358.74. The Nasdaq Composite <.IXIC> dropped 12.04 points, or 0.41 percent, to 2,947.81.
The market is seen by chartists at a short term top, with the S&P at 9-month highs. The index came within 10 points of hitting its highest level since 2008.
The Nasdaq underperformed the overall market, weighed by a 15 percent decline in shares of Gilead Sciences
In contrast General Mills
Data showed U.S. gasoline prices jumped 0.9 percent in January, pushing overall consumer prices up and offering a reminder of the risks energy costs pose to the economic recovery.
(Reporting by Rodrigo Campos; Editing by Kenneth Barry)