Markets
GS

Banking Sector Fuels Record Highs on Wall Street as Yellen Discusses Rate Hikes

Shutterstock photo

The major averages were set to post record highs for a fourth consecutive day, driven higher by the banking sector after Fed Chair Janet Yellen raised the possibility for a March rate hike during her semi-annual testimony to the Senate Banking Committee.

Yellen cautioned that waiting too long to remove accommodation would be "unwise", and expects the "evolution of the economy" to warrant further, albeit gradual, rate hikes. Although stocks wobbled on her early statements, the banking sector raced higher on the anticipation for higher interest rates, driving up the share price of Dow component stocks Goldman Sachs ( GS ) and JP Morgan ( JPM ) to record highs.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

In This Story

GS JPM

Other Topics

Stocks

Latest Markets Videos