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NEW YORK (CNNMoney)
The S&P 500 was down about 3 points to 1,559, a few points below its October 2007 record.
The Dow Jones industrial average was down 0.3% and the Nasdaq fell 0.3%.
The Dow has finished higher the past 10 trading days, its best winning streak since 1996. If the Dow winds up higher Friday, it would be the best stretch since January 1992. The last time blue chips had such a streak, former Federal Reserve chairman Alan Greenspan warned that investors were experiencing "irrational exuberance."
"The optimism we've seen for stocks suggests that expectations are very high," said Bruce McCain, chief investment strategist at Key Private Bank. "And reality often doesn't live up to that level of perfection."
Stocks have been supported by better-than-expected economic data and signs the Federal Reserve will keep its stimulus policies in place. But there are concerns that growth in emerging markets, such as China, is beginning to "roll over," said McCain.
Related: Greenspan says stocks are undervalued
"The reports have typically been better than expected, but not overwhelmingly good," McCain said.
The same could be said for economic reports released Friday.
The U.S. Bureau of Labor Statistics said the consumer price index rose 0.7% last month, driven mainly by a spike in energy prices. CPI was expected to have risen 0.5%, according to a Briefing.com consensus. But the annual inflation rate is still just 2%, within the range that the Federal Reserve finds to be comfortable.
Separately, industrial production rose 0.7% in February, after being flat the month before, according to the Federal Reserve. Economists surveyed by Briefing.com were expecting a 0.4% rise.
Meanwhile, trading could be choppy since Friday is the last day for closing out certain options, known as "quadruple witching." That's when four types of contracts expire -- those tied to market index futures, market index options, stock options and stock futures. While many traders try to settle out those contracts ahead of expiration, there is often some volatility on the actual witching day.
Bank stocks were in focus after the Federal Reserve on Thursday approved the capital plans submitted by 16 of the 18 banks it subjected to stress tests.
Bank of America (BAC, Fortune 500) shares rose after it announced plans to repurchase $10.5 billion in common stock and preferred shares. Wells Fargo (WFC, Fortune 500)said it would increase its quarterly dividend payment to 30 cents per share dividend starting in the second quarter.
Related: Senate slams JPMorgan and London Whale
JPMorgan Chase (JPM, Fortune 500) and Goldman Sachs (GS, Fortune 500) both dipped after the Fed approved their capital plans, but with conditions attached. Shares BB&T Corp (BBT, Fortune 500), one of only two banks to have its capital plans rejected, also fell.
Separately, the Senate accused JPMorgan Chase of intentionally misleading investors about the so-called London Whale trades, which ultimately led to losses of $6 billion for the bank. Former chief investment officer Ina Drew and other executives are testifying before a Senate panel Friday morning.
Shares of Carnival Cruise Lines (CCL) fell after another the company reported a weak earnings outlook. In addition, another of its ships experienced technical difficulties, the latest in a growing list of woes for the company.
Related: Fear & Greed Index reaches extreme greed
European markets were lower in afternoon trading. European Union officials agreed Friday to give Portugal more time to meet targets for reducing its debt.
Asian markets ended mixed. Japan's Nikkei extended recent gains after parliament confirmed the appointment of Haruhiko Kuroda as Bank of Japan governor, raising expectations of swift monetary easing. Hong Kong's Hang Seng fell on lingering concerns about local measures to curb runaway real estate prices. 
First Published: March 15, 2013: 9:52 AM ET
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