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The benchmark S&P 500 and the blue-chips Dow were subdued on Friday as an in-line inflation print signaling continued moderation in price pressures helped offset an earnings gloom cast by a dour revenue forecast from Intel. The U.S. Commerce Department's report showed the personal consumption expenditure index - the Federal Reserve's preferred inflation gauge - rose moderately in December, keeping the annual increase in inflation below 3% for a third-straight month that could allow the central bank to start interest rate cuts this year. "Today's report, is clearly market friendly even if it doesn't suggest, at this point, that the Fed lowers rates at the March 20 meeting," said Quincy Krosby, chief global strategist at LPL Financial.

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