SYDNEY, AAP – Investors have taken some money out of the ASX before key US inflation data is published.

The market on Friday dropped for a second consecutive day and healthcare and energy fell most steeply.

US inflation data due tonight will be key to Federal Reserve decisions next week on how quickly to reign in its bond-buying. This is a measure before rate rises.

The benchmark S&P/ASX200 index closed down 31 points, or 0.42 per cent, to 7353.5 points.

The All Ordinaries closed lower by 21.5 points, or 0.28 per cent, to 7667.9 points.

For the week, the market had its first gain in the past five. Investors were encouraged by the likelihood of the coronavirus Omicron variant not being as dangerous as feared.

The dollar was buying 71.48 US cents at 1616 AEDT, lower from 71.73 US cents at Thursday’s close.