At the close of U.S. trading, the Dow Jones Industrial Average rose 0.17%, the S&P 500 index fell 0.03%, while the Nasdaq Composite index fell 0.27%.
Outgoing Fed Chairman Ben Bernanke said earlier that the country continues to recover, which boosted stocks on expectations for the fundamental economy to improve while the Federal Reserve continues to keep policy loose.
"The combination of financial healing, greater balance in the housing market, less fiscal restraint, and, of course, continued monetary policy accommodation bodes well for U.S. economic growth in coming quarters. But, of course, if the experience of the past few years teaches us anything, it is that we should be cautious in our forecasts," Bernanke said, adding any decision to scale down the Fed's USD75 billion in monthly asset purchases shouldn't be interpreted as a sign tighter policy is down the road.
Stimulus tools such as the Fed's USD75 billion in monthly asset purchases spur recovery by driving down interest rates, boosting stock prices in the process.
"It is important to recognize that the potential signaling aspect of asset purchases depends on the broader economic and policy context. In particular, the [Fed's] decision to modestly reduce the pace of asset purchases at its December meeting did not indicate any diminution of its commitment to maintain a highly accommodative monetary policy for as long as needed," Bernanke said in prepared remarks of a speech he gave earlier Friday.
Still, fourth-quarter earnings will begin publishing next week, which sent investors jumping to the sidelines ahead of time.
Many were eager to see how fourth-quarter GDP rates come in as well as the December jobs report, and the uncertainty ahead of time watered down stock prices by steering investors to safe-haven dollar positions on the sidelines.
Leading Dow Jones Industrial Average performers included Johnson & Johnson, up 0.90%, JPMorgan Chase, up 0.76%, and UnitedHealth, up 0.71%.
The Dow Jones Industrial Average's worst performers included Verizon, down 1.18%, Microsoft, down 0.65%, and Coca-Cola, down 0.49%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 0.47%, France's CAC 40 rose 0.48%, while Germany's DAX 30 rose 0.37%. Meanwhile, in the U.K. the FTSE 100 finished up 0.19%.
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