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U.S. stocks open mixed amid Fed officials' speech

Xinhua, May 23, 2016 Adjust font size:

U.S. stocks opened mixed on Monday, as Wall Street digested comments from U.S. Federal Reserve officials for clues on the timing of the next rate hike.

San Francisco Fed President John Williams said on Monday that two-to-three rate hikes this year were reasonable and that inflation was on track to meet the Fed's goal of 2 percent in the next year or two, according to media reports.

St. Louis Federal Reserve President James Bullard, a voting member of the Federal Open Market Committee, echoed that a relatively tight labor market in the United States may put upward pressure on inflation, supporting the case for higher interest rates.

Investors tried to shake off worries that the possibility of a June rate hike becomes higher after the release of the Federal Reserve's hawkish minutes from its April meeting, but the latest speech from Fed officials indicated a hike sooner rather than later.

Shortly after the opening bell, the Dow Jones Industrial Average was down 11.61 points, or 0.07 percent, to 17,489.33. The S&P 500 shed 1.12 points, or 0.05 percent, to 2,051.20. The Nasdaq Composite Index gained 10.39 points, or 0.22 percent, to 4,779.95.

U.S. stocks ended higher Friday as worries about a summer rate hike appeared to recede after recent stock declines. Endi