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Stocks inch upward after Yellen remarks point to March rate hike

Associated Press

Stocks inched upward Friday after remarks by Federal Reserve Chair Janet Yellen pointed to a rate hike later this month.

The Dow and S&P 500 posted fractional gains. The blue chips barely finished higher on the day, up 3 points and staying above 21,000, ending at 21,005.71.

Climbing 0.2% was the Nasdaq composite, to 5870.75.

The Wall Street entrance of the New York Stock Exchange.

“At our meeting later this month, the committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate,” Yellen said in a 1 p.m. ET speech at the Executives’ Club of Chicago.

While Yellen couched her remark in conditional terms that depend on economic data, she preceded it by citing a job market that has been “strengthening” and inflation that has been “rising toward our target” of 2% annually.

Several other Fed officials in recent days have indicated the Fed’s policymaking committee is likely to raise its benchmark short-term rate at a March 14-15 meeting.

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In other news, several companies were moving after reporting their latest quarterly results. Costco slid 4.4% a day after the warehouse club operator reported earnings that missed estimates. Costco also said it is going to raise its membership fees.

American Outdoor Brands, formerly called Smith & Wesson, fell 1.2% after the firearms manufacturer cut its outlook, citing declining sales. The stock shed 25 cents to $21.08. Revlon slid 3.8% after the beauty products company said its business suffered in the fourth quarter as consumers continued to do more shopping online and at specialty retailers during the holidays.

Macy’s and Urban Outfitters were among several retailers trading lower. Macy’s slid 4.4% to $31.76. Urban Outfitters lost 3.2%, to $26.06. Meanwhile, L Brands, the parent of Victoria’s Secret, fell 2% after the retailer disclosed a big decline in its sales in February.

The Associated Press contributed to this report. 

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