Kleintop cautioned against reading too much into the market’s moves on Friday or the weekly loss. The S&P 500 is still up 5 percent for the month and 18 percent for the year.
“It’s just one week down after four up,” he said. “If the market just goes higher and higher week after week, you would see a major swoon when it runs into some disappointing news.”
In the market for U.S. government bonds, the yield on the benchmark 10-year Treasury note slipped to 2.56 percent from 2.57 percent late Thursday.
Long-term interest rates have swung in a wide range since early May as traders attempt to anticipate the Fed’s next move. The yield on the 10-year note went as low as 1.63 percent on May 1 and as high as 2.74 percent on July 5.