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14 Nov 2013
Wall Street closes at highs as Yellen seems to be a Bernanke 2.0
FXstreet.com (San Francisco) - The US stocks market rose on Thursday as investors welcomed Janeth Yellen dovish tone in her testimony before the Senate Banking Committee and the possibility to the Fed postponing its taper plans. In addition, weaker than expected jobless claims report helped to build the non-taper case.
As everyone was focused on Yellen and she delivered a dovish tone, market assumed her plans are to continue Fed's monetary stimulus. In this framework, the Dow and the S&P 500 ended at record highs.
The Dow Jones advanced 54.59 points or 0.35% to close the day at 15,876.22; the S&P 500 added 8.62 pts or 0.48% to 1,790.62; and the Nasdaq Composite won 7.16 pts or 0.18% to finish the session at 3,972.74.
As everyone was focused on Yellen and she delivered a dovish tone, market assumed her plans are to continue Fed's monetary stimulus. In this framework, the Dow and the S&P 500 ended at record highs.
The Dow Jones advanced 54.59 points or 0.35% to close the day at 15,876.22; the S&P 500 added 8.62 pts or 0.48% to 1,790.62; and the Nasdaq Composite won 7.16 pts or 0.18% to finish the session at 3,972.74.