NEW YORK (TheStreet) -- It was a quiet end to the week on Wall Street with little changed on benchmark indexes ahead of the long Memorial Day weekend.
Even stronger-then-expected inflation data and a speech from Federal Reserve Chair Janet Yellen failed to stir markets to action.
The S&P 500 was down 0.22% and the Dow Jones Industrial Average fell 0.29%. The Nasdaq slipped 0.03%.
Still, although Wall Street was quiet, there was a lot to digest on Friday. The U.S. dollar showed renewed signs of life, spiking against a basket of international currencies in response to signs the Fed will tighten interest rates as other major global economies introduce or show signs of furthering monetary stimulus.
The rise in the dollar caused West Texas Intermediate to close 1.7% lower to $59.72 a barrel. Oil was up 3 cents for the week.
Oil was also under pressure as the pace of rig closures slowed. The number of oil rigs fell by just one over the week to 659, according to Baker Hughes (BHI) data. Crude prices have faced a significant decline since last summer as demand waned and inventories overflowed.
Fed Chair Janet Yellen said in a speech in Providence, R.I., that an interest rate hike would likely come this year if the economy rebounded as expected. Yellen also said the pace of future hikes will be gradual and data-dependent. That's a message the Fed has telegraphed since the beginning of the year.
"That doesn't really narrow down the lift-off date that much," said Paul Ashworth, chief U.S. economist at Capital Economics. "Assuming that economic growth does rebound, and particularly now that there are signs of a pick-up in underlying price inflation and wage growth, we don't think the Fed can wait any longer than September."