The major averages closed mixed on Friday ahead of a Fed meeting and more corporate earnings next week. The Dow Jones Industrial Average rose 2 points, stretching its winning streak to 10 sessions. The S&P 500 closed up a point while the Nasdaq Composite fell 30 points.

On a weekly basis, the S&P 500 added 0.69%, while the Dow gained 2.08%. It was the second positive week in a row for the two indexes. The Nasdaq fell 0.57% on the week.

Within the Dow Jones, the drug stocks Merck, P&G and J&J rose nearly 2% lifting the average into the green. The Nasdaq has seen some recent volatility as portfolio managers recalibrate their funds to account for an unusual Nasdaq-100 rebalance taking effect Monday. A large volume of index and stock options were also expiring today.

On the earnings front, transportation giant CSX fell 3% on lackluster results. American Express fell 3% as well on earnings.

Next week, Wall Street is anticipating a quarter percentage point rate hike at the conclusion of the Fed's meeting on Wednesday, but more unclear is what the central bank will do in September. According to the CME FedWatch Tool, 83% of traders expect monetary policymakers will be done at that point.

The biggest week for the earnings season is also upon us, with results having been mixed thus far. Of the 89 companies in the S&P 500 that have reported, 75% have posted positive surprises. According to The Earnings Scout, that performance is below the three-year average of 80%.