NEW YORK (TheStreet) --All three major U.S. averages closed lower on Friday, as the momentum from last week's "Trump Rally" beings to taper off.

"Consolidation sideways is certainly a good thing after the big gains," CNBC's Bob Pisani said on today's "Closing Bell."

However, he noted that the run for bank stocks continued Friday and are higher around 4% this week.

Additionally, transports, semiconductors, the Russell Mid Cap, and Russell 2000 have all posted impressive results this week.

"I think it's a legitimate question to ask, how much regulatory reform, tax cuts and even growth is already baked into the equation," Pisani suggested.

The "good news" he added, is if the market believes we are entering a period of improved growth, "it's not going to have any problem with a 25-basis point hike. It will absorb it easily," Pisani said.

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