Stocks were mixed on Friday as another key economic release signaled easing inflation. The Dow Jones Industrial Average added 60 points, while the S&P 500 Index and Nasdaq Composite fell by about 0.1% and 0.4%, respectively.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): -0.07% or -3.19 points to 4,890.97

Dow Jones Industrial Average (DIA  ): +0.16% or +60.30 points to 38,109.43

Nasdaq Composite Index (QQQ  ): -0.36% or -55.13 points to 15,455.36

Making Headlines: The Commerce Department's personal consumption expenditures price index rose 0.2% on the month and 2.6% year-over-year for December. Moreover, the Federal Reserve's preferred inflation gauge, core PCE which excludes food and energy prices, rose 0.1% and 2.9% annually, coming below expectations.

The readings continue to signal that inflationary pressures are easing across the economy, which in turn could provide evidence for the central bank to start cutting interest rates later this year.

JPMorgan Chase (JPM  ) on Thursday said several executives that are in the running to take over for CEO Jamie Dimon had new or expanded roles. Jennifer Piepszak and Troy Rohrbaugh will now co-lead the bank's commercial and investment businesses, while Marianne Lake will transition from co-leading consumer banking to becoming its sole CEO.

On the Earnings Front: Intel (INTC  ) shares declined on Friday after the chipmaker issued a disappointing outlook for the first quarter of 2023, with CEO Pat Gelsinger expecting its PC and server chips businesses to perform at the low end of the its seasonal range. Intel expects first quarter adjusted earnings per share of $0.13 on sales between $12.2 billion and $13.2 billion, below estimates for revenue of $14.15 billion. The company also expects a first quarter GAAP net loss of $0.25 per share.

In Economic News: The National Association of Realtors reported that pending U.S. home sales rose at a more-than-expected 8.3% in December as lower mortgage rates brought more buyers into the housing market. On an annual basis, the index rose 1.3% last month.

"The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices," said NAR chief economist Lawrence Yun in a press release.