Stocks Ended Mostly Lower After Yellen Speech

U.S. stocks closed mostly lower on Friday, as investors appeared to shrug at speeches by Federal Reserve Chairwoman Janet Yellen. The Dow Jones Industrial Average shed 38.27 points, or 0.22%, to 17,001.22. The S&P 500 slipped by 3.97 points, or 0.20%, to 1,988.40. The Nasdaq Composite added 6.45 points, or 0.14%, to 4,538.55. The three main indexes all achieved their third weekly gain in a row. the Dow rose 2% for the week, while the S&P 500 advanced by 1.7% and the Nasdaq gained 1.7%.

Yellen said the economy is getting closer to the Fed’s goals of full employment and stable inflation, and the debate at the central bank is “naturally shifting” to when the central bank should begin to raise interest rates.

European Central Bank President Mario Draghi on Friday signaled a departure from the austerity-focused mind-set that has dominated economic policy-making in the euro zone since the onset of the region’s debt crisis nearly five years ago, as officials struggle with stagnant economies, weak prices and high unemployment.

McDonald’s Corp. announced Friday that Mike Andreas will replace Jeff Stratton as the restaurant’s US president. Since Stratton came on board in 2012, McDonald’s has posted a series of disappointing earnings reports.

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