US stocks end mixed

New York, Sep 26 (IANS) US stocks pared early gains to finish mixed on Friday, as investors digested US Federal Chair Janet Yellen’s speech and the second revision of US gross domestic product (GDP) data for the second quarter.

The Dow Jones Industrial Average added 113.35 points, or 0.70 percent, to 16,314.67, Xinhua reported.

The S&P 500 edged down 0.90 point, or 0.05 percent, to 1,931.34. The Nasdaq Composite Index lost 47.98 points, or 1.01 percent, to 4,686.50.

In Thursday’s speech after the closing bell at the University of Massachusetts, Chair Yellen said that she anticipated a rate hike in the coming months.

“Most FOMC participants, including myself, currently anticipate that achieving these conditions will likely entail an initial increase in the federal funds rate later this year, followed by a gradual pace of tightening thereafter,” she said.

“She sounded sort of hawkish,” said Stephen Guilfoyle, managing director at Deep Value, on Friday.

On the economic front, US real GDP increased at an annual rate of 3.9 percent in the second quarter of 2015, according to the third estimate released by the US Commerce Department on Friday.

The revised-up GDP data was mainly boosted by stronger consumer spending and construction.

Meanwhile, the final reading of consumer sentiment index published by Thomson Reuters/ University of Michigan came in at 87. 2 for September, up from an 85.7 reading earlier this month.

In corporate news, shares of Nike surged 8.89 percent to $125 apiece on Friday, which helped the blue-chip Dow outperform the other two indices, after the sports shoe maker posted better-than-expected quarterly results.

Overseas, European equities rebounded strongly Friday following three straight days of losses, with British benchmark FTSE 100 Index jumping 2.47 percent, as concerns over the health of the global economy dimmed slightly after Yellen’s speech.

For the week, the Dow fell 0.4 percent, and the S&P 500 dropped 1.4 percent, while the Nasdaq tumbled 2.9 percent.

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