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.
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