Stocks Closed Higher, Down for the Week

U.S. stocks closed slightly higher on Friday, but still posted the biggest weekly loss since the end of January, after Federal Reserve Chairwoman Janet Yellen released her prepared remarks on monetary policy. The Dow Jones Industrial Average gained 34.43 points, or 0.19%, to 17,712.66, but recorded a 2.3% decline over the past week. The S&P 500 added 4.87 points, or 0.24%, to 2,061.02, but lost 2.2% over the week. The Nasdaq Composite rose 27.86 points, or 0.57%, to 4,891.22, finished the week down 2.7%.

Federal Reserve Chair Janet Yellen says continued improvement in the U.S. economy means an increase in the Fed’s key interest rate could come later this year. But Yellen stresses that any rate increases would likely be very gradual.

Intel Corp. is in talks to buy Altera Corp. in a deal that would be the chip-making giant’s largest takeover ever. With a market capitalization of $10.4 billion before the news Friday, Altera would be a big bite for Intel, which has traditionally stuck to smaller acquisitions whenever it has done deals.

Dow Chemical Co will separate a portion of its century-old chlorine business and sell it to Olin Corp in a tax- efficient deal worth $5 billion as part of efforts to shed low-margin assets.

Oil futures settled lower on Friday for the first time in six sessions but still gained about 5% for the week. West Texas Intermediate crude for delivery in May settled at $48.87 a barrel, down $2.56, or 5% on the New York Mercantile Exchange.