U.S. stocks closed mildly higher on Friday as investors digested Fed Chair Janet Yellen's remarks remained cautious ahead of first quarter earnings in April.
"She gave no hint when the first hike will come and reiterated that even when they come the pace will be gradual. it's the same old," said Peter Boockvar, chief market analyst at the Lindsey Group. "Bonds are pretty much where they were before she spoke. It was where she was a week and a half ago"
Yellen said a rate increase may be warranted later this year, adding that an increase in core inflation is not essential before the Fed raises rates.
Art Hogan, chief market strategist at Wunderlich Securities, pointed out that net-net over the last two weeks stocks have moved little, as this week equities gave back almost as much as they gained in the days following the Fed announcement last week.
The S&P 500 gained about 2.6 percent the week of the Fed statement, and fell 2.2 percent this week.