Wall Street Ends Lower on Yellen Remarks


Wall Street Ends Lower on Yellen Remarks

US stocks ended slightly lower on Friday after the Federal Reserve Chairwoman Janet Yellen indicated that the Federal Reserve would raise the lending rates in 2015, in line with market expectations.

The volumes traded were however still low with traders pointing towards there having not been any major news during the week to drive the stocks sharply higher or lower.

4.69 billion Shares changed hands this week, lower than the 6.58 billion share average in 2015 and the lowest since December 30.

The markets will be closed on Monday for Memorial Day.

“Volumes have been anemic,” said Neil Massa, senior equity trader at John Hancock Asset Management, told the Wall Street Journal.

“But the trend [in stock prices] seems to be higher. Even on days with pullbacks, it seems to be healthy consolidation.”

The Dow Jones Industrial Average ended 53.72 points or 0.22 points lower at 18,232.32 points after trading mostly unchanged for most of the day and 0.2% lower for the week. The blue chip index hit a a new record close this week.

The benchmark S&P 500 Index closed 4.72 points or 0.2% lower at 2126.06 after trading flat for most of the day. The index gained 0.2% for the week that saw it hit new closing and intraday highs.

The tech heavy Nasdaq Composite declined the least among the major indexes closing 1.43 points or 0.03% lower at 5089.63. The index added about 0.8% for the week.

“The market is getting more complacent and less concerned about risk,” Eric Schoenstein, co-portfolio manager of the $5.5 billion Jensen Quality Growth Fund from Lake Oswego, Oregon, told Bloomberg.

“We’re at new highs in the S&P over and over, maybe not every single day, but on an upward trend without there being much in a way of fundamental data to provide a good backdrop as to why it should continue to be at all-time highs.”

To contact the reporter of the story: Jonathan Millet at john@forexminute.com