U.S. stocks rose ahead of Yellen's speech

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

At midday, the Dow Jones Industrial Average was up 36.00 points, or 0.20 percent, to 17,864.29. The S&P 500 gained 6.18 points, or 0.30 percent, to 2,096.28. The Nasdaq Composite Index rose 25.12 points, or 0.51 percent, to 4,926.89.

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.

The final reading of consumer sentiment index published by Thomson Reuters/University of Michigan came in at 94.7 for May, missing market consensus.

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.

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