24 Feb 2015
Wall Street advances to records amid Dove-Hawk Yellen
FXStreet (San Francisco) - US stocks closed higher on Tuesday as investors, both dovish and hawkish, welcomed Janeth Yellen congressional testimony that delivered candies for everybody.
As the TradeTheNews team informed previously, "Yellen largely reiterated prior points, including that changes to the forward guidance/patience language would precede hikes but would not necessarily indicate imminent tightening." A hike rate at mid-2015 is out of the table.
Yellen also affirmed: "The employment situation in the United States has been improving on many dimensions."
Investors assumed the Fed position, including low interest rates and upbeat economy outlook, as an invitation for companies to continue, and to extend, its buyback programs. The DJIA, the S&P and the Russell 2000 closed at record highs while the Nasdaq finished at 15 year highs.
Most sectors finished Tuesday up for the day. Materials led the winners with a 1.16% advance on the day; followed by Utilities (+0.76%), Telecomm (+0.62%), and Technology (+0.54%). The only sector that posted declines in the day was the Health Care (-0.10%).
The Dow Jones advanced 0.51% to break above the 18,200 level and to close at 18,209.19. The S&P 500 rose 0.28% to 2,115.48; while the Nasdaq Composite won 0.14% to finish at its 3rd highest close at 4,968.12.
Small caps in the figure of the Russell 2000 advanced 0.17% to close the day at a record of 1,233.98.
Among big caps, winners were BHP Billiton $BBL (+6.63%), Home Depot $HD (+3.98%), and JPMorgan Chase $JPM (+2.48%). Laggards were Vodafone $VOD (-3.25%), Las Vegas Sands $LVS (-4.36%), and Alibaba $BABA (-0.91%).
As the TradeTheNews team informed previously, "Yellen largely reiterated prior points, including that changes to the forward guidance/patience language would precede hikes but would not necessarily indicate imminent tightening." A hike rate at mid-2015 is out of the table.
Yellen also affirmed: "The employment situation in the United States has been improving on many dimensions."
Investors assumed the Fed position, including low interest rates and upbeat economy outlook, as an invitation for companies to continue, and to extend, its buyback programs. The DJIA, the S&P and the Russell 2000 closed at record highs while the Nasdaq finished at 15 year highs.
Most sectors finished Tuesday up for the day. Materials led the winners with a 1.16% advance on the day; followed by Utilities (+0.76%), Telecomm (+0.62%), and Technology (+0.54%). The only sector that posted declines in the day was the Health Care (-0.10%).
The Dow Jones advanced 0.51% to break above the 18,200 level and to close at 18,209.19. The S&P 500 rose 0.28% to 2,115.48; while the Nasdaq Composite won 0.14% to finish at its 3rd highest close at 4,968.12.
Small caps in the figure of the Russell 2000 advanced 0.17% to close the day at a record of 1,233.98.
Among big caps, winners were BHP Billiton $BBL (+6.63%), Home Depot $HD (+3.98%), and JPMorgan Chase $JPM (+2.48%). Laggards were Vodafone $VOD (-3.25%), Las Vegas Sands $LVS (-4.36%), and Alibaba $BABA (-0.91%).