Stocks fall but may break out to new highs this year

Stocks fell on Friday but still finished the week with gains.

The S&P 500 dipped 0.1 percent on Friday, the STOXX Europe 600 fell 0.3 percent and the Nikkei 225 fell 0.4 percent following an earthquake in Kyushu.

However, for the week, the S&P 500 rose 1.6 percent, the STOXX Europe 600 jumped 3.3 percent and the Nikkei 225 surged 6.5 percent.

Quincy Krosby, market strategist at Prudential Financial, said: “Unless there’s a batch of very, very good news, the market is going to digest those gains, maybe pull back a bit, and wait for more catalysts to move higher.”

Ari Wald of Oppenheimer is more optimistic. “We think the S&P 500 is about to break out to new highs this year," he told CNBC recently.