Market participants are closely watching the developments at Jackson Hole symposium 2017 where the heads of the global central banks have assembled for the Annual Economic Policy Symposium to discuss various global monetary policy.
Harvey could turn out to be the most powerful hurricane to hit the USA mainland in 12 years, packing winds of up to 125 miles per hour (200 km per hour), driving a surge in sea levels as high as 12 feet (3.7 metres), and dumping up to 35 inches (97 cm) of rain over parts of Texas.
At 12:42 p.m. ET (1642 GMT), the Dow Jones Industrial Average was up 55.26 points, or 0.25 percent, at 21,838.66 and the S&P 500 was up 6.91 points, or 0.28 percent, at 2,445.88.
Earlier, Dallas Fed President Robert Kaplan called for patience on raising interest rates any further but urged speed in reducing the Federal Reserve's balance sheet.
Price action in the aftermath of the speech suggests some traders may have been sat on the sidelines during recent days for fear of being caught on the hop by a hawkish message from Yellen.
At 10:28AM ET (14:28GMT), gold for December delivery on the Comex division of the New York Mercantile Exchange gained $2.84 cents, or 0.22%, to trade at $1,294.84, compared to $1,286.43 before the remarks were released.
Remedies for these issues may be outside the immediate sphere of monetary policy, but they are concerned that new waves of protectionism or reckless deregulation could threaten an economic system that is now stable and that has returned to growth across the world.
European Central Bank President Mario Draghi has warned against protectionism, saying it poses a "serious risk" to the global economy.
United States durable goods orders were the main economic data release during late European session. It was on track to close the week up 0.5 percent, its third straight weekly rise. However, orders for transportation equipment plunged 19%, weighing on the overall orders for durable goods. The number of Americans filing for unemployment benefits rose less than expected last week, while home resales unexpectedly fell in July to their lowest monthly level of the year. Initially, the data boosted the dollar, but the gains were short-lived in the wake of Yellen's speech.
Energy markets edged higher on Friday as USA producers braced for hurricane Harvey's impact on the Gulf Coast, with WTI for December delivery up 0.43% to $48.18/barrel and October benchmark brent higher by 0.25% to $52.22. WTI was last trading at $47.84 a barrel and Brent crude was at $52.41. In the USA, durable orders are at 1330 BST, while the Baker Hughes oil rig count is at 1800 BST.
Palladium XPD= fell 0.2 percent to $929.90 per ounce after reaching $940.50, a 16-1/2 year high.
Texas braces for Category III storm — Hurricane Harvey
Military helicopters are on standby in Austin and San Antonio in preparation for search and rescues and emergency evacuations. And that rain could last through Wednesday, given Harvey's expected slow track and meandering course.
Barcelona sign Ousmane Dembélé from Dortmund for initial £97m
And amid these desperate times, Dembele was also outrageously overpriced as Barca desperately sought a successor for Neymar . As a result Dortmund suspended Dembélé and initially rejected the first €100 million bid that Barça offered in early August.
Galaxy Note 8 to bring in new competition and impacts
Described as the next level Note, the Galaxy Note 8 targets consumers who want to do bigger things with smartphones . Don't fret, however, as the launch of the new phone means that Samsung has dropped the prices of the older models.
Pakistan Wants The US's Trust Not Its Money: Bajwa
Nicholson said discussions with Pakistan would be held in private, adding "it has already started" without offering more details. Importantly, Trump publicly tried to pressure Pakistan to end safe havens for terrorists who are striking at Afghanistan.
Manchester United vs. Leicester: Highlights and recap
Captain Michael Carrick and new £31 million defender Victor Lindelof were not even in the matchday 18 on Saturday . He was made to wait until the 67th minute to get his opportunity, but the teenager didn't take long to grasp it.
Sheffield's Joe Root is 'the best in the world'
The conditions are likely to favour the seamers and once again, we feel the visitors will struggle against the hosts. England won the first match in the three-test series by an innings and 209 runs at Edgbaston.
McConnell Feels the "Heat" Aligns with President Trump
You know what to do! There is a potential for more volatility this time around than there might have been in the past. Of course, that one vote that was short was of a majority and not of the 60 votes needed to overcome a filibuster.