US STOCKS-Wall St little changed with Yellen, data on deck
* HP drops after results, outlook
* Day two of Yellen testimony on deck
* New home sales data expected at 10 a.m.
* Indexes off: Dow 0.06 pct, S&P 0.08 pct, Nasdaq 0.16 pct (Updates to market open)
By Chuck Mikolajczak
NEW YORK, Feb 25 (Reuters) - U.S. stocks were little changed shortly after the open on Wednesday, with the Dow and S&P 500 holding near records, before a second day of testimony from Federal Reserve Chair Janet Yellen and data on the housing market.
The Fed chair told a congressional committee that the Fed is preparing to consider increases "on a meeting-by-meeting basis," a subtle change that helps to lay a foundation for the central bank's first rate hike since 2006, although the timing of the liftoff was still in question. Yellen's second day of testimony is set to begin at 10 a.m. (1500 GMT).
"There is a pregnant pause in the market this morning," said Peter Kenny, chief market strategist at Clearpool Group in New York.
"Markets are waiting to see if there is any further insight into the timeline in the normalization of rates, any shift in terminology that would indicate a more certain timeline or a significant shift in that timeline." Continuación...