(MENAFN- ProactiveInvestors) U.S. stocks moved to end slightly higher Friday but still recorded sharp losses for the week. Investors assessed a speech by Fed Chair Janet Yellen who said that she expects economic conditions may warrant gradual rate hikes this year.
Yellen who spoke at the Bank of San Francisco Conference just before the closing bell said that despite the likely move upward for interest rates this year the central bank will move cautiously. The Fed chief asserted that the Fed would keep rates on hold if there were further weakening in key inflation indicators.
At the closing bell in New York the Dow Jones Industrial Average ended up 35 points at 17713 while the Nasdaq gained 28 points to close at 4891 and the S&P 500 rose 5 points to settle at 2061.
All three major indexes still recorded losses of over 2% for the week after Wall Street dropped for a fourth straight session on Thursday.
Ahead of Yellen's speech investors focused on Friday's government data which included the final reading of fourth quarter GDP figures. Fourth quarter GDP remained unchanged at a 2.2% annual growth rate. Economists had expected an upward revision to 2.4%. The report also revealed that quarterly corporate profits over the same period fell for the first time since 2008.
The final University of Michigan consumer sentiment index for March also came in at 93.0 higher than consenus expectations and up from the mid-month reading of 91.2 but a drop from February's 95.4 reading.
Oil prices were lower Friday reversing sharp gains from Thursday even as the Yemen conflict escalated. West Texas Intermediate crude for delivery in May settled at $48.87 a barrel down 5% on the New York Mercantile Exchange. The contract still gained about 5% for the week.
Gold for April delivery shed 0.4% to settle at $1199.80 an ounce today on the Comex breaking a seven-session stretch of gains.
European markets finished mixed today with stocks ending their weekly win streak. Asian markets closed mostly lower with Japan's Nikkei settling down 0.95% as lower oil prices and subdued consumer demand have pushed the country to the brink of deflation.
In corporate activity BlackBerry (NASDAQ:BBRY) shares rose almost 2% after it swung to a surprise fourth quarter profit but revenue was far below forecasts as sales from services exceeded hardware sales.
() fell over 1% after its adjusted earnings revenue and guidance for the current quarter and full year missed estimates hurt by slowing sales growth for its Xbox One and PlayStation 4 consoles.
Restoration Hardware (NYSE:RH) issued weak guidance for the current quarter on account of delayed shipments. Quarterly profit slightly beat views while revenue matched estimates.
In other news Dow Chemical () is spinning off part of its chlorine derivatives business and merging it with Corp () creating a company with annual revenue of about $7 billion. Shares of Dow Chemical advanced more than 2.8%.
Yahoo () has approved a new $2 billion stock buyback program using the proceeds from the public offering of Alibaba (NYSE:BABA).
Amazon () is reportedly in talks to buy online luxury retailer Net-a-Porter in what would be the largest ever acquisition for the e-commerce giant.
's (NYSEMKT:APP) ex-CEO Dov Charney is seeking $40 million in damages for an alleged breach of contract. The former chief executive was removed from his position in December following a six month suspension.
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