A string of weak economic reports -- including jobless claims that fell below expectations -- failed to inspire investors to move off the sidelines.
The Dow Jones industrial average (INDU) added 20 points, or 0.2%. The S&P 500 (SPX) dropped 2 points, or 0.2%. The Nasdaq (COMP) was down 10 points, or 0.3%.
Even with a few days of losses, all three indexes are up more than 10% in 2012. But investors are continuing to seek economic reports that beat expectations in order to justify that run up.
On Thursday the number of Americans filing for unemployment benefits only narrowly missed economists' forecasts, but that still pushed stocks mostly lower.
"There's a general sense in the market that we're at lofty levels, so investors get worried when disappointments pop up," said Bruce McCain, chief investment strategist at Key Private Bank.
The week has been filled with a string of disappointing economic numbers on durable goods orders, consumer confidence and home prices. Ongoing concerns about a growth slowdown in China have added pressure on world markets.
"I think, overall, the market has had a good run, and investors are trimming some exposure," said Paul Powers, head of U.S. equity trading at Raymond James.
The dollar lost ground against the Japanese yen, but strengthened against the euro and the British pound.
Oil for May delivery slipped $2.63 to $102.78 a barrel.
Gold futures for April delivery rose $2.20 to $1,660.40 an ounce.
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