(Bloomberg) -- U.S. stocks were little changed Friday as investors assessed Federal Reserve chair Janet Yellen's intention to hike rates at the central bank's March meeting.
The S&P 500 Index ended less than 0.1 percent higher at 2,383.12 at 4 p.m. in New York, while the Dow Jones Industrial Average added 3 points to 21,005.71.
- Five of 11 groups ended higher with financials and health care leading gains with 0.4% advances
- Real estate, utilities and staples fell at least 0.3% as the 10-year Treasury yield climbed a fifth day to 2.478%
- Fed funds futures show a 94% chance the Fed will raise rates this month, versus 40% at the end of last week
- The earnings season is drawing to a close, with about 73% of S&P 500 members beating profit estimates and a little over half exceeding sales forecasts, according to data compiled by Bloomberg
- ECONOMY:
- Yellen capped a week of rising expectations about an imminent interest-rate increase by explicitly supporting a hike in mid-March if U.S. economic progress persists
- Markit February PMI falls to 54.1 from 55.8 in Jan.; Year ago 50
- EARNINGS:
- Next S&P 500 companies reporting Tuesday March 7: Dicks Sporting Goods (DKS), Editas Medicine (EDTS)
- In Europe, stocks closed little changed, paring earlier losses, as banks rallied and French shares climbed after polls showed anti-euro candidate Marine Le Pen lagging rival Emmanuel Macron for the first time
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To contact the reporter on this story: Oliver Renick in New York at orenick2@bloomberg.net.
To contact the editors responsible for this story: Chris Nagi at chrisnagi@bloomberg.net, Scott Schnipper
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