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
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