I think Janet Yellen is still talking. As far as I’m concerned she can keep talking all week. Stocks seem to like what she was selling. Now, what was she selling? Nothing new. The Fed will remain accommodative as long as necessary. The taper will continue unless the data deteriorates. Interest rates will remain low for a long time. Probably could have summed it all up in about 20 minutes.
In addition to the Fed as an influence for higher stock prices, congress coming up with a debt ceiling deal may have helped fuel the fire. Anyway, by the close the Dow Jones Industrial Average was up 192 points to finish the day at 15,994 (couldn’t quite close above 16,000). The S&P 500 was up 19 points to close at 1819. Gold was up $15 to trade at $1290 per ounce, while oil was down $.15 to trade at $99.91 per barrel WTI.
Ms. Yellen will reprise her performance on Thursday in front of the Senate. Let’s see if she continues to give the markets a comfortable feeling. In the meantime we’ll keep an eye on the data. That’s what Ms. Yellen and the Fed are going to do.
Have a nice evening everyone.