Wall Street closes mixed after Fed hints at rate hike

NEW YORK

Wall Street closed mixed Friday as a rise in tech stocks were balanced by investor worries about the possibility of an imminent Federal Reserve rate hike.

The Dow shed 53 points to close at 18,395 while the S&P was down three points to 2,169. The Nasdaq added six points to end the day at 5.218.

Fed Chair Janet Yellen said Friday "the case for an increase in the federal funds rate has strengthened in recent months," pointing to a stronger labor market and economic outlook.

Yellen did not provide timing about a rate hike and initially indexes held their positions in positive territory. But investors later perceived Yellen's remarks were more hawkish than statements she made earlier this year, causing a decline in the Dow and the S&P.

The Nasdaq was saved by rising stock values of technology companies.

At the final bell, Amazon's stocks climbed 1.3 percent, while data storage company Seagate Technology's shares were up by 4 percent.