NEW YORK (AA) – The U.S. stock market opened lower Friday as an official of the Federal Reserve reiterated his position in favor of a rate hike.
The Dow Jones fell 29 points to begin the day at 18,362 and the S&P 500 was down five points at 2,171. The Nasdaq decreased 12 points to start the day at 5,326.
Boston Fed President Eric Rosengren said earlier Friday the interest rates should be raised "gradually".
Rosengren, who has a right to vote in the Federal Open Market Committee this year, voted in favor of a rate hike Wednesday. However, the Fed voted 7-3 in favor of not increasing its benchmark interest rate this month.
Analysts warn investors that there could be more declines in the stock market if other Fed officials make hawkish statements.