After a New Year’s slump on the first trading day of 2014 Thursday, U.S. stocks closed mixed Friday after Federal Reserve Chairman Ben Bernanke said the economy should continue to improve.
The Dow Jones Industrial Average rose 28.64 points or 0.2 percent to 16,469.99. The S7P 500 fell just over half a point, and the Nasdaq lost 11.16 points or 0.3 percent to 4,131.91.
“I still think this is a ‘buy-on-the dip’ equity market,” Terry Sandven, chief equity strategist at US Bank Wealth Management, told CNBC. “2014 is likely to be a transition year, driven more by earnings growth than Fed-driven liquidity and PE expansion.”