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US stocks open higher ahead of Bernanke speech

AFP
Traders work on the floor of the New York Stock Exchange at the closing bell on November 18, 2013

US stocks Friday closed out a holiday-shortened week mostly lower as outgoing Federal Reserve Chairman Ben Bernanke called for continued efforts to cement the economic recovery.

At the closing bell, the Dow Jones Industrial Average rose 27.30 (0.17 percent) to 16,468.65.

The broad-based S&P 500 slipped 0.69 (0.04 percent) to 4,131.91, while the tech-rich Nasdaq Composite Index declined 11.16 (0.27 percent) to 4,131.91.

Trading volume was low with many people still on holiday for the New Year and a major snowstorm buffeting the Northeast.

Stocks rose shortly after Bernanke said in a speech at a conference of economists that policy makers should aim to boost hiring and spur the economy. But markets quickly gave up those gains, with little other news to stimulate trade.