Stocks aren't doing much

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(Investing.com)

Stocks are largely unchanged in trading Friday ahead of the long weekend.

Near 2:31 p.m. ET, the Dow was up 23 points (0.13%), the S&P 500 was up 5 points (0.26%) and the Nasdaq was up 23 points (0.47%)

The long Memorial Day weekend is just ahead, and volumes are typically lower on a day like this as some on Wall Street get a head start.

But it's been a strong week that pushed markets closer to all-time highs. The S&P 500 is headed for a five-day advance of at least 2%.

Fed chair Janet Yellen repeated that it may be appropriate to raise rates in the coming months. Speaking at Harvard, she also said the Fed did not see the financial crisis coming.

Following her comments, Treasurys fell, the odds of a rate hike in the Federal Fund Futures market increased and stocks dropped to the lowest levels of the day.

Earlier, the second estimate of Q1 GDP showed that the economy grew 0.8%, revised up from the 0.5% pace previously reported. The improvement was mostly due to a reduced drag from inventories, although with final sales unchanged, stockpiles are still elevated according to Deutsche Bank's Joe LaVorgna.

The University of Michigan's consumer sentiment for May was 94.7, revised down from earlier in the month, but up from 89 in April.

The oil rig count resumed its slide this week, and fell 2 to 316.

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