Wall Street gave a warm welcome to new Federal Reserve Chair
Janet Yellen, reflected in a 190-point gain for the Dow Industrials
and a nearly 20-point move for the broader S&P 500, to advance
the recent rally. Yellen told the House Financial Services
Committee she intends to maintain the Fed's low interest-rate
policy. With Yellen's remarks amplified by upbeat earnings, all
three major indices closed up just over 1%.
Yellen's testimony continues Thursday before the Senate Banking
Committee in which she will likely reassure the financial markets
of the same commitment to Bernanke's policies by encouraging modest
economic growth with low short-term rates.
The Humphrey-Hawkins testimony overshadowed a less than expected
gain in December wholesale inventories, as well as hawkish comments
from new FOMC member and Philly Fed President Charles Plosser.
Plosser reiterated his preference to end QE "sooner rather than
later" and would have liked to have seen the taper begin earlier
and more "expeditiously."
Here's where the markets stand at the close:
Dow Jones Industrial Index was up 192 (+1.2%) to 15,994
S&P 500 was up 19.9 (+1.1%) to 1,819
Nasdaq Composite Index was up 42 (+1%) at 4,191
FTSE 100 was up 1.23%
Nikkei 225 was CLOSED
Hang Seng Index was up 1.78%
Shanghai China Composite Index was up 0.84%
CADX To be acquired by Mallinckrodt (
) for $1.3 billion
DHRM Stock continues to advance as company begins road-show to
showcase product advancements
OPTT Announced a $205 mln deal with Lockheed Martin (
) to develop wave energy off Australia's coast
NNVC SeekingAlpha article called it a "house of cards" and
called it the "worst reverse merger we have ever seen."
WPX Expects to record $1.4 billion in Q4 pretax write-downs due
to lower natural-gas prices
BLOX Lowered its Q2 2014 revenue forecast
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