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Wall Street closes flat, five-week rally ends

Equity Tips

US stocks broke a five-week winning streak on Thursday with a strengthening dollar weighing on commodity-related shares. The three major indexes closed mostly flat on the day, paring losses by the session's end.

The Dow Jones industrial average rose 13.14 points, or 0.08 percent, to 17,515.73, the S&P 500 lost 0.77 points, or 0.04 percent, to 2,035.94 and the Nasdaq Composite added 4.64 points, or 0.1 percent, to 4,773.51.

Stocks began to dip this week after comments by US Federal Reserve officials, who raised expectations for more interest rate hikes in coming months than investors expected. St. Louis Fed President James Bullard was the latest to join a chorus of officials who highlighted the chance of at least two rate rises this year.

The possibility of more interest rate hikes pushed the dollar to a fifth day of gains, its best run since April. Oil and materials sectors dropped as a result.

"This market is still in some respect taking its cues from what's going on with the oil market and the dollar," said Chuck Carlson, chief executive at Horizon Investment Services.

The deadly bombing attacks in Brussels on Tuesday added to investors' uncertainty this week.

Yahoo shares rose 0.2 percent after activist hedge fund Starboard Value LP moved on Thursday to overthrow the entire board of the technology company.

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