U.S. stocks slide after three-day rally

U.S. stocks ended lower Friday as investors were looking for excuses to lock in gains after a three-day rebound.

The Dow Jones Industrial Average dipped 131.01 points, or 0.71 percent, to 18,261.45. The S&P 500 lost 12.49 points, or 0.57 percent, to 2,164.69. The Nasdaq Composite Index was down 33.78 points, or 0.63 percent, to 5,305.75.

Investors became cautious after recent solid gains. U.S. stocks kept rising Thursday, with all three major indices logging a three-day winning streak, as Wall Street continued to cheer over the Federal Reserve's decision to leave its interest rates unchanged.

The Nasdaq extended record run Thursday, refreshing its intraday and closing records for the second time in the past three sessions.

A sharp decline in oil prices also weighed on the market. Oil prices tumbled Friday, with both U.S. oil and Brent crude dropping over 3 percent, on a report that Saudi Arabia did not expect an agreement at talks next week among major crude exporters aimed at freezing production.

On the economic front, the seasonally adjusted Markit Flash U.S. Manufacturing Purchasing Managers' Index fell from August's reading of 52.0 to 51.4 in September, missing market consensus.

Meanwhile, investors were still sifting through the Federal Reserve' s statement released early this week.

"The Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives," the Fed said in a statement after the conclusion of its two-day policy meeting.

For the week, all three major indices posted solid gains, with the Dow, the S&P 500 and the Nasdaq going up 1.0 percent, 1.7 percent and 3.5 percent, respectively. Endit