U.S.
stocks were poised for a third session of gains on Wednesday as dovish
comments from Federal Reserve Chairwoman Janet Yellen, on top of
stronger oil, lifted the main indexes.
Speaking
at the Economic Club of New York, Yellen stressed a need for a cautious
stance on interest-rate increases. The remarks follow a shift in the
Fed’s outlook since late last year, as the central bank cut its forecast
of rate hikes to two from a prior projection of four.
The
S&P 500 added 10 points, or 0.5%, to 2,065, with nine of its 10
main sectors trading higher. Financial stocks led the gains, while
utilities was the sole laggard.
The Dow Jones Industrial Average rose 98 points, or 0.6%, to 17,731 with J.P. Morgan Chase & Co. leading the winners.
The Nasdaq Composite climbed 24 points, or 0.5%, to 4,871.
In
economic news, the private sector added 200,000 jobs in March,
according to ADP, a modest deceleration from the prior month’s revised
205,000 and roughly in line with expectations.
Source: marketwatch
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