GLOBAL MARKETS-Wall Street Dips After Rate Cut Rally, Dollar Firms

GLOBAL MARKET - NEW YORK. Wall Street closed flat on Friday, hovering near the previous session's record-high close for the Dow and S&P 500, while the dollar firmed as investors digested the Federal Reserve's 50-basis-point cut midweek that started a rate reducing cycle.

Days after the rate cut, two Fed governors aired opposing views over prospects for inflation, underlining the scale of debate over a move Chair Jerome Powell positioned as safeguarding a resilient economy rather than an emergency response to weaker jobs data.