The major averages came under pressure Friday afternoon, reversing early gains as investors booked profits heading into the weekend. The Dow Jones Industrial Average finished up a point at 31,494 after climbing more than 150 points earlier in the session. The S&P 500 finished down 7 points at 3,906 while the Nasdaq Composite gained less than 9 points at 13,874.

Though the major indexes traded higher for most of the morning, a combination of rising interest rates and profit taking in some of the market's largest technology companies appeared to dampen optimism after noon.

For the week, the S&P 500 lost 0.71% while the Nasdaq Composite shed 1.57% The Dow Jones Industrial Average fared better with a slight gain of 0.11%.

Cyclical stocks outperformed the broader market with the materials, energy and industrials sectors up 1.8%, 1.6% and 1.6%, respectively. Utilities and consumer staples stocks were among the biggest laggards.

Small-cap stocks, which also tend to track the ups and downs of the broader economy, clinched solid gains Friday at the expense of some of the market's largest members. The Russell 2000 added 2% while Facebook, Amazon, Netflix, and Microsoft all fell. Apple ended the week down 4%.

Not all of technology underperformed as chipmakers proved resilient. Applied Materials, which makes the equipment used to manufacture semiconductors, gave a better-than-expected second-quarter forecast after the bell Thursday. The shares gained 5.3% Friday.

The strength among economically sensitive stocks came after Treasury Secretary Janet Yellen told CNBC Thursday after the bell that more stimulus is necessary even as some economic data suggested a rebound is already underway. She added a $1.9 trillion stimulus deal could help the U.S. get back to full employment in a year.

The 2-yr yield increased one basis point to 0.11%. The U.S. Dollar Index decreased 0.2% to 90.37. WTI crude futures pulled back 2.1%, or $1.27, to $59.15/bbl.