US stocks post solid weekly gains

Ani Salama FXStreet

US stocks closed with mild gains on Friday, posting their largest weekly gains in over 2 months, despite Fed Chair Janet Yellen signaled a rate hike may be appropriate in the coming months.

The Dow Jones Industrial Average gained 44.93 points, or 0.25%, to end at 17,873.22, recording a 2.1% weekly gain. The S&P 500 Index rose 8.96 points, or 0.43%, to close at 2,099.06, 2.2% higher over the week. The Nasdaq Composite Index climbed 31.74 points, or 0.65%, to finish at 4,933.50, for a 3.3% weekly gain.

Speaking in Harvard, Federal Reserve Chair Janet Yellen signaled a rate hike this summer. “It’s appropriate for the Fed to gradually and cautiously increase our overnight interest rate over time and probably in the coming months such a move would be appropriate,” Yellen said.

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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