US Stocks Rise; Dow Extends Record High

US stocks close higher on dovish Yellen, Dow ends at record

US stocks close higher on dovish Yellen, Dow ends at record

That Wednesday testimony-interpreted as dovish by investors-helped to set in motion a firm advance for USA stocks (http://www.marketwatch.com/story/us-stock-futures-in-holding-pattern-as-traders-wait-for-yellen-2017-07-12) and gave the Dow its first closing record in almost a month.

The major averages ended the day firmly in positive territory.

The Dow Jones Industrial Average rose 17 points, or 0.08%, to 21,549, the S&P 500 gained four points, or 0.17%, to 2,447 and the Nasdaq Composite added 10 points, or 0.16%, to 6,271.

The strength on Wall Street came as traders reacted positively to Federal Reserve Chair Janet Yellen's remarks before the House Financial Services Committee.

Chances of a rate hike in December fell to 48 percent after the release of data, from 55 percent late Thursday.

A neutral interest rate level is one that neither encourages nor discourages economic activity.

Yellen noted that there remains uncertainty about the outlook for inflation and said the Fed will be monitoring inflation developments closely in the months ahead.

Capital Economics' chief USA economist, Paul Ashworth, summed up Dr Yellen's remarks.

"This is not a complete surprise, however, since it is still too early for the Fed to tip its hand on what it will do at September's FOMC meeting".

Snap Inc. surged 3% after Stifel Nicolaus upgraded the Snapchat parent to buy, saying that a recent selloff in the stock had created a "compelling" opportunity.

Airline stocks showed a substantial move to the upside on the day, resulting in a 2.3% jump by the NYSE Arca Airline Index.

The 30-Blue Chip stock index also notched an all-time intraday high. Supermicro (SMCI) and Logitech (LOGI) posted standout gains.

Data showed that in the 12 months through June, the consumer price index (CPI) increased 1.6 percent - the smallest gain since October 2016 - after rising 1.9 percent in May. Hong Kong's Hang Seng Index edged up 0.01% to hold near two-year highs.

Australian shares posted broadbased gains for a second straight session on Friday, and were on track for their best weekly performance in a month, as financials tracked their Wall Street counterparts higher ahead of big U.S. banks earnings.

Recommended News

  • EXCLUSIVE First Look: Ava DuVernay's 'A Wrinkle In Time' In Stunning Images

    EXCLUSIVE First Look: Ava DuVernay's 'A Wrinkle In Time' In Stunning Images

    In other words, it needs to be your new obsession. DuVernay said of casting Winfrey and her and Mrs. Whatsit , played by Witherspoon, and Mrs.
    Kovind symbolises a new and aspiring India: BJD chief Naveen Patnaik

    Kovind symbolises a new and aspiring India: BJD chief Naveen Patnaik

    Instead, Union minister Nitin Gadkari and senior party leader Kailash Vijayvargiya will accompany Mr Kovind, the release said. Earlier in the day, Kovind reached Biju Patnaik International Airport (BPIA) here in a special aircraft around 11.30 a.m.
    SC orders CBI probe into 97 Manipur cases

    SC orders CBI probe into 97 Manipur cases

    The court will be looking into 62 cases of extrajudicial killings that took place in Manipur. However, the government and armed forces deny any such charges.
  • President Trump and First Lady to join Bastille Day celebrations

    Climate change is real after all, or it seems US President Donald Trump is has now switched sides and become a believer. The French army band chose to use their performance slot to commemorate another hometown treasure aka Daft Punk .

    Hanged man was 'dark web mastermind'

    Local authorities had apprehended Cazes based on an worldwide arrest warrant issued by the U.S. for drug trafficking charges. According to the Wall Street Journal , an worldwide police action took place in the United States, Thailand and Canada.

    Donald Trump's son-in-law Jared Kushner under pressure over Russian Federation scandal

    President Trump has repeatedly defended his son, calling him "a high quality person" and saying he "applaud (s) his transparency". Trump Jr. said the meeting "really went nowhere" and that he never told his father about it because there was "nothing to tell".
  • Contempt proceedings against Vijay Mallya to proceed only in his presence

    Contempt proceedings against Vijay Mallya to proceed only in his presence

    In the last hearing, the apex court had convicted Mallya for contempt of court and summoned him to personally appear on July 10.

    'The Incredibles 2' picks up exactly where the original ended

    The Incredibles 2 is set to hit theaters on June 15, 2018 . It's awesome, the idea we came up with - simple as that. Check out the new concept art above.
    Caitlyn Jenner calls Rob Kardashian 'stupid' following Blac Chyna revenge porn

    Caitlyn Jenner calls Rob Kardashian 'stupid' following Blac Chyna revenge porn

    Kylie and Kendall said they were "huge fans" of the artists in question, which was obviously a way to save face that no one would believe.
  • 'Narcos' Season 3 Gets a Teaser and Release Date

    'Narcos' Season 3 Gets a Teaser and Release Date

    This is all explained to us by means of newspaper headlines and short clips narrated by Pedro Pascal's character, Javier Peña . As is the case with most successful programmes, Narcos will soon return to Netfix for its third season.
    Earth's Most Indestructible Creature Identified: Tardigrade

    Earth's Most Indestructible Creature Identified: Tardigrade

    The microscopic water-dwelling animal can live for 60 years and is about 0.5mm long. Batista emphasized that humanity is considerably less resilient than tardigrades .
    Second Man Charged In Deaths Of Four In Pennsylvania

    Second Man Charged In Deaths Of Four In Pennsylvania

    Authorities had charged DiNardo earlier this year with having a gun despite an involuntary mental health commitment. Prosecutors agreed to take the death penalty off the table in return for DiNardo's cooperation, Lang said.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.