U.S. Stocks Advance on Rate Speculation After Yellen Statement

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U.S. stocks rose, sending benchmark gauges to records, after Federal Reserve Chair Janet Yellen indicated an increase in interest rates is unlikely before mid-year as inflation and wage growth remain too low.

The Standard & Poor™s 500 Index rose 0.3 percent to a record 2,115.52 at 4 p.m. in New York. The Dow Jones Industrial Average gained 92.67 points, or 0.5 percent, to 18,209.51, as Home Depot Inc. and JPMorgan Chase & Co. rallied. The Nasdaq Composite Index added 0.1 percent, climbing for a 10th straight day to bring it 1.6 percent away from its 2000 record.

The S&P 500 has gained 2.8 percent this year and the Dow has added 2.2 percent. The Nasdaq Composite rallied 5.1 percent in the past 10 days, the longest winning streak since July 2009. Apple Inc., which has the biggest weighting in the Nasdaq Composite, has surged 20 percent this year.

The Chicago Board Options Exchange Volatility Index lost 6.1 percent on Tuesday to 13.67, the lowest since December. The gauge, know as the VIX, is on track for its worst month ever.

Yellen said in testimony before the Senate Banking Committee inflation that wage growth remain too low even as the job market improves, and she signaled that a change in the Fed™s guidance on interest rates won™t lock it into a timetable for tightening.

Source: Bloomberg

Saham AS Pangkas Gain Pasca Komentar Yellen Terkait Suku Bunga

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Saham AS memangkas gain pasca mencapai level tertinggi sepanjang masa, karena para investor mengkaji waktu kenaikan suku bunga acuan pasca testimoni dari Ketua Federal Reserve Janet Yellen.

Indeks Standard & Poor 500 naik kurang dari 0,1% menjadi 2,110.57 pada 12:42 siang di New York, setelah naik sebanyak 0,3% sebelumnya. Indeks Dow Jones Industrial Average naik 54,36 poin, atau 0,3%, menjadi 18,171.20 seiring reli Home Depot Inc dan JPMorgan Chase & Co. Indeks Nasdaq Composite turun 0,2% setelah naik sembilan hari sebesar 1,7% dari rekor di tahun 2000 lalu.(yds)

Sumber: Bloomberg

Europe Stocks Extend 2007 High as Greek Shares Jump on Aid Deal

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European stocks extended a seven-year high as Greece reached a bailout deal and the Federal Reserve pledged patience on raising interest rates. Greek shares surged.

The Stoxx Europe 600 Index rose 0.6 percent to 387.25 at the close of trading, pushing its gains this year to 13 percent. The U.K.™s benchmark FTSE 100 Index closed at an all-time high, climbing 0.5 percent to surpass the previous record in 1999.

Greece™s ASE Index soared 9.8 percent, following a market holiday on Monday, as euro-area leaders approved a bailout extension for four more months. The gauge rose to the highest level since former Prime Minister Antonis Samaras announced elections in December, triggering concern over debt negotiations. National Bank of Greece and Alpha Bank AE rallied 17 percent.

European stocks extended gains as Fed Chair Janet Yellen said the central bank will be flexible about the timing of an interest-rate rise even after it changes its forward guidance. She reiterated in a testimony before the Senate Banking Committee that an increase is unlikely for œat least the next couple of meetings.

Source: Bloomberg

Gold Drops to Seven-Week Low on Greek Accord as Platinum Falls

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Gold futures fell to a seven-week low after Greece reached a provisional accord on a bailout with euro-area finance ministers, reducing demand for the metal as a haven. Platinum dropped to the cheapest in five years.

Gold has dropped below $1,200 an ounce after last month topping $1,300, partly on speculation that Greece would reach a debt agreement. The metal fell as the dollar gained amid bets the Federal Reserve will raise interest rates this year. Fed Chair Janet Yellen is scheduled to speak Tuesday in the Senate and the following day in the House.

On the Comex in New York, gold futures for April delivery fell 0.3 percent to settle at $1,200.80 at 1:40 p.m. Earlier, the price touched $1,190.60, the lowest for a most-active contract since Jan. 5.

Aggregate trading was 30 percent below the average for the past 100 days for this time, according to data compiled by Bloomberg.

Source: Bloomberg