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STORY: U.S. stocks finished mixed on Friday although the Dow Jones Industrial Average notched another closing high.

This comes one day after a strong rally driven by a larger than usual half-point interest rate cut by the Federal Reserve.

The Dow rose one tenth of one percent while the S&P 500 dropped two tenths, and the Nasdaq lost nearly four tenths.

Markets expect the Fed to keep lowering borrowing costs, with the odds of another half-point reduction at the central bank’s November meeting now sitting at 50 percent...

while the chance of a quarter-point move is also 50%, according to CME's FedWatch Tool.

But BMO Family Office Chief Investment Officer Carol Schleif said the messaging from policymakers has not been that clear cut.

“They warned us, again, still that they'll be very data dependent. They'll take it meeting by meeting. They're not promising at all that they're going to continue at a 50-basis point rate or even a quarter basis point rate, but they're trying to give some clarity to business owners that they've started the series of cuts. They'll be very data dependent on how they do it, but they definitely did not want to get behind the curve.”

Stocks on the move included FedEx, which sunk 15% after lowering its full-year revenue forecast.

Nike climbed about 7% after saying former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as CEO.

And Intel added more than 3% after the Wall Street Journal reported Qualcomm made an offer to buy the semiconductor company.