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Wall Street closes flat after Yellen’s comments | KRVN Radio

Wall Street closes flat after Yellen’s comments


(NEW YORK) — Wall Street closed little changed on Tuesday after new comments on interest rates from Federal Reserve Chairwoman Janet Yellen.

The Dow Jones Industrial Average dipped 11.77 (-0.05 percent) to close at 22,284.32.

The Nasdaq gained 9.57 (+0.15 percent) to finish at 6,380.16, while the S&P 500 closed at  2,496.84, 0.18 points (+0.01percent) higher than its open.

U.S. crude oil prices fell about 0.56 percent at about $52 per barrel.

Janet Yellen:  Federal Reserve Chairwoman Janet Yellen reiterated the case for another rate increase this year in remarks in Cleveland on Tuesday.  She said the gradual rates should continue despite sluggish inflation, and the Fed’s misjudgment on inflation predictions. Analysts anticipate the next rate hike in December.

Winners and Losers:  After Equifax announced its CEO Richard Smith would retire amidst the credit reporting agency’s hacking scandal, its stock finished 0.91 percent higher at the close.

Darden Restaurants, Inc., the parent of Olive Garden and LongHorn Steakhouse, missed investors’ expectations in same-store sales in the fiscal first-quarter and shares sunk 6.53 percent.

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