Stocks Remain Higher as Investors Look For Positive Resolution of Brexit
Stocks have added to Wednesday morning's conservative gains as investors take a more positive look towards tomorrow's referendum on UK membership in the European Union, and Fed Chair Janet Yellen's remarks on the economy to the House Financial Services Committee.
Echoing Tuesday's testimony to the Senate, Yellen told Congress that although there are challenges to the economy, consumer spending remains robust, and recent labor market conditions are likely transitory.
Wednesday's economic data was also supportive as existing home sales hit a 9-year high of 5.530 million on a seasonally-adjusted annual rate, though slightly below estimates of 5.570 million. Home prices increased in tandem as the Federal Housing Finance Agency reported a 0.2% increase in the price of a home, missing estimates for a 0.6% gain.
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