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U.S. stocks open higher ahead of Yellen's speech

Xinhua, May 27, 2016 Adjust font size:

U.S. stocks opened higher on Friday, as investors eyed the newly-released economic data and awaited speech from U.S. Federal Reserve Chair Janet Yellen.

U.S. real gross domestic product (GDP) increased at an annual rate of 0.8 percent in the first quarter of 2016, slightly below market expectations, according to the second estimate released by the Commerce Department Friday.

Meanwhile, traders will keep a close eye on Yellen's comments at Harvard University later Friday for clues on the timing of an interest rate hike.

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.

However, the latest speech from Fed officials indicated a hike sooner rather than later.

Shortly after the opening bell, the Dow Jones Industrial Average was up 21.85 points, or 0.12 percent, to 17,850.14. The S&P 500 gained 2.93 points, or 0.14 percent, to 2,093.03. The Nasdaq Composite Index rose 5.71 points, or 0.12 percent, to 4,907.48.

U.S. stocks closed mixed after wavering in a narrow range Thursday, as investors digested a batch of generally upbeat economic data. Endi