US STOCKS-S&P 500 flat; Yellen sees no reason to reverse hike plan

miércoles 10 de febrero de 2016 17:52 GYT
 

* Fed not likely to reverse course on rates despite risks

* Disney's 3.8 pct drop weighs on Dow

* Indexes: Dow down 0.6 pct, S&P down 0.02 pct, Nasdaq up 0.4 pct (Updates to close)

By Caroline Valetkevitch

Feb 10 (Reuters) - The S&P 500 ended flat on Wednesday, losing gains late in the session as investors digested comments by Federal Reserve Chair Janet Yellen, who kept options open for more rate hikes but also saw risks to the U.S. economy.

The Dow and S&P posted their fourth straight day of losses while the Nasdaq ended its three-day down streak.

The market had traded higher for much of the session after Yellen told Congress she does not expect the central bank to reverse the rate hike program it began in December. But Yellen also acknowledged tightening financial conditions and uncertainty about China.

"The market was strong (early in the day) because Janet Yellen confirmed the fact the Fed would go very slow on rate hikes because the economy was showing some signs of sluggishness," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

"But maybe she is saying the economy is slower than most of us were thinking."   Continuación...