Stocks Get a Yellen-Bump as Fed Chair Nominee Endorses Current Level of QE

By Staff,

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Stocks closed near their record highs today as Fed Chair nominee Janet Yellen gave the Senate Banking Committee an argument as to why the Fed should continue its current asset purchases to tackle a stubbornly high jobless rate and below-target inflation rates. As the ideological successor to Ben Bernanke, Yellen's testimony today not only potentially bought the Fed more time before tapering QE, but provided constructive extension to yesterday's gains, and offsetting early pressure tied to disappointing earnings from Dow component Cisco Systems ( CSCO ) and below-consensus revenue from Wal-Mart ( WMT ).

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: CSCO , WMT

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