U.S.
stocks rallied for a second day, as earnings topped forecasts and the
Federal Reserve said the labor and housing markets are improving.
The
Standard & Poor’s 500 Index rose 0.7 percent to 2,108.47 at 4 p.m.
in New York, after climbing above its average prices during both the
past 50 and 100 days.
The
labor market “continued to improve, with solid job gains and declining
unemployment,” the Federal Open Market Committee said in a statement
today, while also noting the housing sector “has shown additional
improvement.”
Chair
Janet Yellen is guiding the Fed toward its first rate increase in
almost a decade as the nation approaches full employment. She has said
the Fed is likely to tighten this year if the economy continues to
improve as she expects, with market speculation focused on a move as
soon as September.
Yellen
has emphasized that the timing of rate liftoff is less important than
the subsequent pace of increases, which she said would be gradual.
Greece’s
debt crisis and recent turmoil in China’s stock market had raised
concerns about global growth and added to speculation that the Fed may
further delay a rate increase.
Earlier
this month, Yellen told lawmakers that raising rates prematurely could
derail the recovery. Waiting too long, on the other hand, might force
the Fed to tighten at a faster pace to keep the economy from
overheating.
Source: Bloomberg
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