Updated from 5:01 p.m. EDT

Stocks on Wall Street lost ground on Friday, partly owing to a drag from financials, but the major averages finished the week higher than where they started.

The Dow Jones Industrial Average fell 122.42 points, or 1.7%, to 7278.38, and the S&P 500 was down 15.50 points, or 2%, at 768.54. The Nasdaq lost 26.21 points, or 1.8%, to 1457.27.

For the week, the Dow rose 0.7%, the S&P gained 0.4%, and the Nasdaq added 1.8%, marking the first two-week gain since the spring of 2008.

The financial stocks weighed down the Dow, with Bank of America ( BAC) losing 10.7% to $6.19, and JP Morgan Chase ( JPM) and American Express ( AXP) down 7.2% to 6.2%, respectively. The KBW Bank index was off by 5%.

"There's really no major news, the bears are just taking profits before the weekend after nearly two weeks of an uninterrupted rally," says Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "There's some profit-taking in particular in the sectors, like financials, that led us on the way higher."

But this isn't necessarily bad, it could be a "constructive pullback," says Detrick. "Volume is light, but you want to see pullbacks on lighter volume in order for the rally to continue. It's a necessary evil for rallies."

Potentially adding some volatility is that it's a "quadruple witching" day, or the last trading day for the March index futures, index options, equity options and single stock futures. An expiration can wreak havoc on stocks as traders unwind contracts.

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