US stocks end week with a whimper, book weekly loss

The USA economy expanded <strong>morestrong> than previously estimated in the second quarter on stronger consumer spending and construction, the second upward revision in a row.

During her speech Thursday at the University of Massachusetts at Amherst, Yellen said it would be appropriate to raise the Fed’s benchmark fed funds rate “sometime later this year“.

Nike led the early rally, jumping 9.1 per cent to a record after better-than-forecast earnings and future orders, including in emerging markets.

Erasing gains, the S&P 500 (SPX) shed almost a point, or 0.1 percent, to 1,931, with the health sector leading losses among its 10 major industry groups.

Dow Jones futures jumped more than 200 points and the main German benchmark index DAX gained more than 300 points an hour before the opening of trade in US markets. South Korea’s Kospi fell 0.2 percent to 1,942.85. The company’s quarterly profit topped expectations on strong growth in China.

As for other precious metals, Comex silver for December settlement was last down 8.5 cents or 0.6 percent to $15.045 per ounce.

Gross domestic product rose at a 3.9% annual clip, up from the 3.7% pace reported in August, the Commerce Department said.

Markets have been skittish since last Thursday, when Yellen cited concerns about slowing growth as a key reason for holding off from a much-anticipated hike.

Yellen said she and other policymakers do not expect recent global economic and financial market developments to significantly affect the central bank’s policy.

The dollar index .dxy rose to 96.252, turning around from a slide to 95.458. She said inflation had been held down by temporary factors, like the rising strength of the dollar and the falling price of oil.

Shares in Volkswagen, which plunged early in the week before stabilizing, were up 1.5 % as its board met to find a new CEO and discuss the emissions scandal which has severely damaged the automaker’s finances and reputation.

The dollar rose 0.32% to $1.1192 against the euro and 0.44% to ¥120.59 against the yen.

The mining sector was still in the red by 1.35 percent when Teck Resources Ltd. plummeted 4.26 percent to 6.52 Canadian dollars a share. However, for the week, gold gained 0.69 percent.

USA equities look poised for a rebound at the start of Friday’s session.