Stocks Opened Flat after Yellen Comments

Stocks opened little changed on Thursday, following comments from Federal Reserve Chairwoman Janet Yellen, who said that an interest-rate hike could come “relatively soon.” The Dow industrial Average lately gained 24.65 points, 0.13%, to 18,892.79. The S&P 500 was up 5.73 points, or 0.26%, to 2,182.67. The Nasdaq Composite rose 7.21 points, or 0.14% to 5,301.80.

The number of people who applied for unemployment benefits last week sank to a 43-year low. Initial jobless claims fell by 19,000 to 235,000, the government said Thursday.

Consumer inflation rose in October at the fastest rate in six months. The consumer price index jumped 0.4% last month, the government said Thursday.

Federal Reserve Chairwoman Janet Yellen on Thursday said an interest-rate hike could come “relatively soon.” Ahead of an appearance before the Joint Economic Committee, Yellen said progress in the labor market has continued and that economic activity has picked up from the modest pace seen in the first half of this year.

European Central Bank policy makers signaled at their last meeting that they were ready to boost their EUR1.7 trillion stimulus again if needed to support the eurozone’s weak economy, and expressed concerns about weak inflation.

Oil prices pushed higher on Thursday, sparked by reports of upbeat comments over a production deal from Saudi Energy Minister Khalid al-Falih. WTI crude rose 63 cents, or 1.4%, to $46.23 a barrel and January Brent crude shot up 81 cents, or 1.8%, to $47.46 a barrel.