Wall Street closed flat on Friday, hovering near the previous session's record-high close for the Dow and S&P 500, while the dollar firmed as investors digested the Federal Reserve's 50-basis-point cut midweek that started a rate reducing cycle.

Most of the U.S. stock market edged lower after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates.

Wall Street ticked slightly higher as markets awaited an expected interest rate cut by the U.S. Federal Reserve, the first in more than four years.