Stocks Ended Flat after Yellen, Tech Shares Gained

U.S. stocks closed flat on Tuesday, with a gain in technology shares helped support the Nasdaq, as investors appeared to shrug off comments from Federal Reserve Chairwoman Janet Yellen. The Dow Jones Industrial Average fell 11.77 points, or 0.05%, to 22,284.32. The S&P 500 added 0.18 point, or 0.01%, to 2,496.84. The Nasdaq Composite rose 9.57 points, or 0.15%, to 6,380.16.

Yellen said the Fed needs to continue gradual rate hikes and it would be imprudent to leave rates on hold until inflation reached the Fed’s 2-percent target.

Oil futures finished lower Tuesday on expectations U.S. data will show a fourth consecutive weekly rise in domestic crude inventories. November West Texas Intermediate crude declined by 34 cents, or 0.7%, to settle at $51.88 a barrel. November Brent fell 58 cents, or 1%, to $58.44 a barrel.