They were not, though, in a panic or worried about an imminent recession. Instead, they were thinking that the old interest rate would not be appropriate going forward.

A record-setting week for Wall Street is closing on a quieter note Friday, and U.S. stocks are pulling back from their highs hit during a worldwide rally the day before. The S&P 500 was down 0.5% in late trading,

"This would be the third time that stocks entered a cycle where annual returns compound at high teens," Fundstrat's Tom Lee said.