US stocks were little changed on Thursday as comments from Federal Reserve Chair Janet Yellen failed to provide clarity on the impact of a harsh winter on recent economic weakness, while concerns rose over turmoil in Ukraine.
Addressing the Senate Banking Committee, Yellen said some economic data had been weaker since she spoke to the House of Representatives on February 11, but that it was difficult to say how much of that was due to weather. Yellen also confirmed that the central bank would keep to its stimulus-trimming schedule.
However, the benchmark index has struggled to break decisively above its 2013 year-end closing level of 1,848.36, and trading could take a more pronounced turn to the downside on indications the economy is slowing. In the latest economic report, orders for durable goods fell 1 percent in January, a drop that was less than forecast. However, jobless claims unexpectedly rose in the latest week.
The Dow Jones industrial average was up 6.52 points, or 0.04 percent, at 16,204.93. The Standard & Poor's 500 Index was up 0.69 points, or 0.04 percent, at 1,845.85. The Nasdaq Composite Index was up 6.54 points, or 0.15 percent, at 4,298.61. Both J.C. Penney Co Inc and Best Buy Co Inc jumped after posting strong results, with Penney late Wednesday forecasting more improvement in its comparable sales and gross profit margin this fiscal year and Best Buy posting adjusted earnings that topped forecasts. Penney surged 21 percent to $7.23 while Best Buy advanced 5.4 percent to $27.22. The S&P retail index dipped 0.1 percent following a five-day rally.
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