Dow Ends At Record, Stock Market Gains After Dovish Yellen

Jay Anderson
July 16, 2017

Yellen is expected to deliver her remarks in front of Congress later on Wednesday.

The Dow Jones Industrial Average rose 20.95 points, or 0.1 percent, to 21,553.09, the S&P 500 gained 4.61 points, or 0.19 percent, to 2,447.86 and the Nasdaq Composite added 13.27 points, or 0.21 percent, to 6,274.44.

Down Under, the S&P/ASX 200 rose 0.47 percent.

USA stocks closed higher on Wednesday, buoyed by testimony from Janet Yellen pointing to a slower rate hike cycle than previously anticipated.

The Canadian dollar rose to a more than one-year high against its USA counterpart after the Bank of Canada raised interest rates for the first time in almost seven years, saying the economy no longer needed as much stimulus.

Crude oil futures rose above $45 a barrel as USA crude oil inventories last week dropped the most in ten months.

Data showed USA producer prices unexpectedly rose in June.

Among automakers, Toyota is edging up less than 0.1 percent and Honda is down 0.2 percent.

Wall Street has posted slight gains and the Dow has hit another record high close, with financials rising ahead of profit reports due Friday from several big United States banks.

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Analysts estimate second-quarter earnings for S&P 500 companies rose 7.8 percent from a year ago, with financials projected to have had the third-best profit growth among sectors, according to Thomson Reuters I/B/E/S.

Among the other major gainers, Nippon Electric Glass is gaining more than 5 percent, while Chughai Pharmaceutical and Minebea Mitsumi are rising more than 2 percent each. The FTSE 100 rose 1.2 percent.

At the front-end of the curve, the two-year yield dropped as low as 1.331 percent from 1.379 percent and last traded at 1.351 percent.

In the currency market, the US dollar is trading in the lower 113 yen-range on Thursday.

Gold retreated from earlier gains on Thursday as the US dollar turned higher and global stocks gained on upbeat data, even as investors wagered that policy tightening in the United States would be glacial at best.

In late-morning trades, the benchmark Nikkei 225 Index is rising 34.51 points or 0.17 percent to 20,132.89, off a high of 20,183.80.

Spot gold was down 0.1 pct at $1,218.59 per ounce by 1:51 p.m. EDT (1751 GMT), off Monday's near four-month low of months at $1,204.45 this week.USA gold futures for August delivery 1 settled down $1.80, or 0.15 percent, at $1,217.30 per ounce.

Brent crude settled up 68 cents or 1.42 percent at $48.42 a barrel.

Other reports by BadHub

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