US stocks end mixed after Yellen’s remarks

New York, June 8 (IANS) US stocks closed mixed as Wall Street continued to assess US Federal Reserve Chair Janet Yellen’s speech on the country’s economy.

The Dow Jones Industrial Average rose 17.95 points, or 0.10 percent, to 17,938.28 on Tuesday, Xinhua news agency reported.

The S&P 500 added 2.72 points, or 0.13 percent, to 2,112.13. The Nasdaq Composite Index fell 6.96 points, or 0.14 percent, to 4,961.75.

Yellen said on Monday that gradual interest rate hikes remain appropriate, but avoided providing precise timing for the central bank’s next move.

“The positive economic forces have outweighed the negative, and despite the challenges that the economy continues to face, I continue to expect further progress toward our employment and inflation objectives,” Yellen said in a speech at the World Affairs Council of Philadelphia.

Investors expected that a sharp decline in hiring situation may push back the central bank’s decision to raise interest rates in June.

The US total nonfarm payroll employment increased by 38,000 in May, well below the market consensus of 158,000 and notching the fewest monthly job gain in almost six years.

“The Fed is unlikely to raise interest rate in June or July, because it would take a doozy of a June employment rebound to unwind the weakness of March through May,” said Chris Low, chief economist at FTN Financial, in a note.



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