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

Xinhua, March 3, 2017 Adjust font size:

U.S. stocks opened mixed Friday as Wall Street awaited remarks from Federal Reserve Chair Janet Yellen.

Fed officials are in the spotlight. Yellen is set to speak on the economic outlook at the Executives Club of Chicago at 1:00 p.m. ET Friday, while Fed Vice Chairman Stanley Fischer and Fed Governor Jerome Powell will also make speeches on the same day.

Concerns about a March rate hike are rising in recent weeks after several Fed officials made some hawkish comments on rate hikes.

Market expectations for a March rate hike were around 75 percent, according to the CME Group's FedWatch tool.

Meanwhile, investors became cautious after recent sharp increases, with major indexes logging their biggest gain in months on Wednesday. Both the S&P 500 and the Nasdaq have had their largest one-day rally since Nov. 7, while the Dow has posted its best advance since December.

U.S. stocks have posted solid gains since Donald Trump won the presidential election, with the Dow surging over 14 percent.

Shortly after the opening bell, the Dow Jones Industrial Average rose 7.14 points, or 0.03 percent, to 21,010.11. The S&P 500 fell 1.88 points, or 0.08 percent, to 2,380.04. The Nasdaq Composite Index decreased 6.96 points, or 0.12 percent, to 5,854.27.

On Thursday, U.S. stocks retreated from record highs as worries about a March rate hike weighed on investor sentiment. Endi