- Stocks edged higher, recovering from a dip that occurred as Janet Yellen signaled a rate hike may be justified over the summer.
- "The important thing is she is backing up what the minutes are saying and [recent Fed speakers] have been saying," Wunderlich chief market strategist Art Hogan told CNBC.
- All 10 S&P sectors finished in the green, led by financials (+0.7%), tech (+0.6%) and telecom services (+0.6%).
- The major indexes closed out their largest weekly gains in months: The Dow jumped 2.1% for the best weekly performance since March 18. the S&P surged to a 2.2% weekly gain for its strongest showing since March 4, and the Nasdaq climbed 3.3% for its best week since Feb. 19.
- Today's volume fell below the recent average, as 816M shares changed hands on the NYSE floor; the exchanges will be closed Monday for Memorial Day.
- U.S. crude oil futures settled 0.3% lower at $49.33/bbl after topping $50 intraday Thursday.
- Treasury prices fell, with the yield on the 10-year note rising by 2 bps to 1.85%.