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Wednesday, October 26, 2016

U.S. Stocks At New Records On Yellen Testimony

New York City (AFP) – U.S. stocks Thursday barreled to fresh records, shrugging off some disappointing earnings results amid greater confidence the Federal Reserve will wait longer before scaling back an aggressive stimulus program.

At the closing bell, the Dow Jones Industrial Average tacked on 55.10 points (0.35 percent) at 15,876.73.

The broad-based S&P 500 rose 8.59 (0.48 percent) to 1,790.59, while the tech-rich Nasdaq Composite Index added 7.16 (0.18 percent) at 3,972.74.

The gains pushed the Dow and S&P 500 to new all-time records for the second day in a row.

Investors welcomed testimony from Fed Vice Chair Janet Yellen, who has been nominated to lead the central bank, at her confirmation hearing before the Senate Banking Committee. Yellen defended the Fed’s $85 billion a month bond-buying program and rejected suggestions the program had generated fresh bubbles in property or stock markets.

“It wasn’t surprising but a real feel-good speech,” said Alan Skrainka, chief investment officer at Cornerstone Wealth Management. “I think it gave the market confidence that tapering isn’t going to happen any time soon.”

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