U.S. stocks closed higher Friday, with the S&P 500 and technology-heavy Nasdaq Composite each posting its biggest weekly jump since November ahead of the Federal Reserve’s policy meeting. The Dow Jones Industrial Average rose 297.01 points Friday, or 0.7%, to close at 41,393.78.

Stocks were choppy Friday as market participants took a breather following Thursday's Fed-fueled rally. While buzz continued to swirl around the Federal Reserve's jumbo-sized rate cut from earlier this week, today's headlines centered mostly on single-stock news, including Nike's ( NKE) big C-suite shake-up.

A record-setting week for Wall Street closed on a quieter note. U.S. stocks mostly pulled back from their highs hit during a worldwide rally the day before, even as the