Wall Street Opens Mixed as Yellen Comments Continue to Haunt Market; Dow up 28 Pts By

© Reuters.

By Geoffrey Smith – U.S. stock markets opened mixed on Wednesday, the market seemingly unable to shake off the comments by Treasury Secretary Janet Yellen that had spooked it on Tuesday.

By 9:40 AM ET (1340 GMT), the was up 28 points, or less than 0.1%, at 34,161 points, while the was down 0.3%. The was outperforming with a gain of 0.7%.

The Nasdaq had had had its worst day since March after Yellen said it may be necessary to raise interest rates (at some unspecified point in time) to stop the economy overheating. She subsequently walked back her comments as “not a recommendation”.

Economic data continue to paint a picture of a strengthening recovery, meanwhile. Payrolls processor ADP said an estimated 742,000 people found nonfarm jobs in the private sector in the month through April, the most since September. The figures were slightly below expectations, when adjusted for an upward revision to the previous month’s number.



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