Stocks rallied today, with the S&P 500 briefly climbing past
the 1,700 mark for the first time ever after former Treasury
Secretary Larry Summers late yesterday said he was withdrawing from
consideration for Federal Reserve Chairman Ben Bernanke's job. In
addition to avoiding a likely contentious nomination process,
investors saw the move as clearing a path for current Fed Vice
Chairman Janet Yellen to move up and maintaining the central bank's
accommodative policies. Most industry sectors in the S&P 500
advanced, led by financial and industrial stocks. Mining and
materials stocks also rose as gold and other metal gained as the
U.S. dollar dropped against other currencies with the Fed now
expected to maintain its easy-money bias. Treasuries also rose
today. The Nasdaq dipped slightly into the red late.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.