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US stocks mixed on rate hike prospects

New York - US stocks were mixed on Friday after Federal Reserve chair Janet Yellen said the case for a rate hike is strengthening, raising expectations of a move by year-end.

Trade was fairly quiet as Yellen also suggested that the pace of future increases in the benchmark federal funds rate could be very slow.

The Dow Jones Industrial Average finished down 0.3% at 18 395.40.

The broad-based S&P 500 lost 0.2% at 2 169.04, while the tech-rich Nasdaq Composite rose 0.1% to 5 218.92.

Yellen's remarks initially touched off rises early in the trading day.

But by the close gainers and losers were not far apart on the Dow, with drugmaker Merck & Co rising the most by adding 0.9%, and telecoms giant Verizon Communications leading losers, off 1.3%.

Market players have for months lamented what they see as confusing signals out of the US Federal Reserve about the timing of rate hikes, which drive investment decisions in across industries and around the globe.

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