U.S. stocks post steepest weekly loss in two months
MarketWatch - Mar 27, 2015
U.S. stocks broke a four-day losing streak by closing slightly higher on Friday, but still posted the biggest weekly loss since the end of January.
The main indexes, which were barely in positive territory the entire session, rallied modestly in the last 15 minutes of trading after the release of prepared remarks by Federal Reserve Chairwoman Janet Yellen on monetary policy.
Yellen said that gradual rate hikes are likely this year but stressed that the central bank would move cautiously.
“I expect that conditions may warrant an increase in the federal funds rate target sometime this year,†Yellen told a conference sponsored by the San Francisco Fed.
The S&P 500 closed 4.87 points, or 0.2%, higher at 2,061.02, but lost 2.2% over the week. The benchmark index inched back into positive territory for the year after Friday’s modest gain.
The Dow Jones Industrial Average ended the session up 34.43 points, or 0.2% at 17,712.66, but recorded a 2.3% decline over the past week. Transportation stocks were among the biggest losers this week, with the Dow Transportation Average losing 4.9%.