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Stocks erase earlier losses in sharp reversal as Wall Street tries to end the week on a high note

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All of the major indexes climbed into the green in the afternoon after beginning the day markedly in the red.

Closing Bell: Overtime

Stocks are headed for a winning week, with the Nasdaq on pace for its second consecutive up week and its best weekly performance since November. The tech-heavy index is up more than 4% for the week. The S&P has advanced 2%, while the Dow has added more than 1%. "Frankly, the market has rallied pretty nicely over the last few weeks, absent a catalyst, and so there might be a little bit of profit taking out of earnings season going," Mayfield added., said it's preparing for the economy to "get worse than it's been over the last few quarters."

That followed December's CPI report, released Thursday, which showed prices declined 0.1% over November. While prices rose at a 6.5% pace compared to the previous year, the results heightened hopes that the Federal Reserve may soon slow its hiking.Chart analyst Katie Stockton said Friday that, entering the session, more than 60% of the S&P 500 was affected by short-term overbought conditions.

"You don't have to agree with the Fed's policy to believe them," said Lauren Goodwin, economist and portfolio strategist at New York Life Investments.

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