By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks traded in and out of negative territory on Friday after Philadelphia Federal Reserve President Charles Plosser warned of rapid rate increases during his speech at the American Economic Association meeting.

The Dow Jones Industrial Average (DJI) gave up some gains and traded 24 points, or 0.1%, higher at 16,467.52, but was set to record a slight loss for the week.

The S&P 500 (SPX) was little changed at 1,832. The benchmark index headed for the first weekly loss in two weeks.

The tech-heavy Nasdaq Composite (RIXF) shed 14 points to 4,128.98 and headed for a modest weekly loss.

Volumes on Wall Street were thin, with many traders still on vacation. Also, a major storm in the Northeast hampered travel and states of emergency were declared in New York and New Jersey.

"Trading volume is off at least 25% this morning and will likely be lower all day due to the mammoth snowstorm and today being the last day of a holiday week," said Channing Smith, managing director at Capital Advisors. "Next week volumes will rise as market participants will be back to work and investors will be reallocating portfolios for 2014."

Investors focused on speeches from Federal Reserve officials, who gathered at an American Economic Association in Philadelphia on Friday. The Philadelphia Fed's Plosser said the central bank may have to be "aggressive" in raising interest rates. Plosser is known for his hawkish views and becomes a voting Federal Open Market Committee member this year.

Last month, the Fed said it would reduce its monthly asset purchases by $10 billion to $75 billion, but stressed it was committed to low interest rates until further declines in the unemployment rate. Critics of the bond-buying program see the Fed's $4 trillion balance sheet as a future cause of inflation, while proponents worry the withdrawal of monetary stimulus will hamper the economic recovery.

Investors digested data on December car sales, which are often seen as a barometer of consumer confidence. Ford Motor Co. (F), the second-largest auto maker, reported a 2% gain in net sales in December to 218,058 vehicles. Analysts expected a 5.9% gain. Ford shares were down 0.2% in early trade. Privately owned Chrysler Group LLC reported a 5.7% increase in sales last month to 161,007 units, missing analysts' expectations.

General Motors Co. (GM.XX) shares dropped 2.5% after the car maker reported a decline in U.S. vehicle sales for December to 230,157 units, down 6.3% from a year ago, while analysts expected a rise of 0.8%.

FireEye Inc. (FEYE) shares surged 30%. The computer-security firm on Thursday said it acquired Mandiant Corp., a company known for its report linking cyberattacks on U.S. companies to the Chinese military that was published in early 2013, in a deal worth about $1 billion.

Delta Air Lines Inc. (DAL) climbed 4.1% after the firm said its passenger unit revenue was up 10% in December.

Rite Aid Corp. (RAD) advanced 8.9% after the drugstore chain said same-store sales increased 2.9% in December over the same period a year ago, due to growth in its pharmacy division.

Shares of Twitter Inc. (TWTR) rose 3.3%.

Sprint Corp. (S) shares fell 4.6%. They declined 3.3% on Thursday after a downgrade from Cowen & Co. to a market perform rating from outperform, even as the firm raised its price target on Sprint to $8.25 from $7.50.

Owens Illinois Inc. (OI) fell 2%. Analysts at Bank of America Merrill Lynch reportedly downgraded the glass company to neutral from buy, according to the Analyst Ratings Network.

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