A record-setting week for Wall Street is closing on a quieter note Friday, and U.S. stocks are pulling back from their highs hit during a worldwide rally the day before. The S&P 500 was down 0.5% in late trading,

Wall Street slid from the previous session's record highs and the dollar steadied on Friday as the market knuckled down to the start of a rate reducing cycle that began with a mid-week jumbo cut by the U.

Asian markets rose Friday to build on the latest global rally after a jumbo US interest rate cut this week, while the yen reversed earlier gains after the Bank of Japan decided against another hike.