Economy

Stocks Rally On Dovish Yellen Comments; Amazon Retakes 1000 Level

Stocks Rally On Dovish Yellen Comments; Amazon Retakes 1000 Level

USA stocks traded firmly to the upside Wednesday, as volatility dropped following congressional testimony from Federal Reserve Chairwoman Janet Yellen.

The Dow rose 123.07 points or 0.6 percent to 21,532.14, while the NASDAQ surged 67.87 points or 1.1 percent to 6,261.17 and the S&P added 17.72 points or 0.7 percent to 2,443.25. The Dow also hit an intraday record. The Fed bolstered the portfolio, known as the balance sheet, as a way to stimulate the economy during and after the 2008 financial crisis.

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Stocks held their gains after the Fed's latest Beige Book report showed that the U.S. economy grew at a "slight to moderate" pace over the last several weeks across all regions.

Futures on the S&P 500 Index and Nasdaq 100 Index signaled further gains after Janet Yellen indicated the Federal Reserve won't rush to tighten monetary policy, a scenario that fund managers continue to digest a day afterward. Seeing particular strength were tech shares, which rose 1.3%. PayPal gained 3.3%, Nvidia rose 4.3% and Activision Blizzard added 5.2%. Among the biggest gainers of the day, Microsoft Corp (MSFT) ended up 1.7% while Facebook Inc. Overall, her comments were viewed as dovish. The South Korean benchmark Kospi index advanced 0.99%.


  • Man beaten on suspicion of carrying beef in Nagpur

    Man beaten on suspicion of carrying beef in Nagpur

    The mob accused them of carrying beef in their bags and stabbed him to death after alleging hurling religious abuses at them. Two of the accused were arrested and as many others were taken into custody this morning, the SP said.
    Man Killed, 21 Cops Hurt In Protests Over Gangster's Encounter In Rajasthan

    Man Killed, 21 Cops Hurt In Protests Over Gangster's Encounter In Rajasthan

    Also, Mahendra Singh, a resident of Jodhpur, who is critically injured has been admitted to the intensive care unit of a hospital. The rally organised by Rajput community turned violent on Wednesday evening and pelted stones at a police team.
    Amazon.com, Inc. (AMZN) Earns Buy Rating from Needham & Company LLC

    Amazon.com, Inc. (AMZN) Earns Buy Rating from Needham & Company LLC

    The e-commerce giant reported $1.48 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.45. BEZOS JEFFREY P had sold 1.00M shares worth $940.74 million. 1,985 shares were sold by Jassy Andrew R, worth $1.90M.
  • New Zealand tourist reportedly killed by jet blast in Carribean

    New Zealand tourist reportedly killed by jet blast in Carribean

    The airport - where aircraft pass just 100ft above the heads of holidaymakers on Maho beach - has become famous over the years . There have been previous incidents at Saint Maarten airport where people injured themselves at the beach while "fence surfing".
    Rs 50000 Penalty on People Dumping Waste in River Ganga, Directs NGT

    Rs 50000 Penalty on People Dumping Waste in River Ganga, Directs NGT

    Environmental activist MC Mehta, in his plea before the NGT, demanded a CBI inquiry into the 7,000 crore spent by the government. The NGT said the concept of zero liquid discharge and online monitoring of affluents should not be applied to industrial units.
    Kim Kardashian denies dressing daughter North in corset

    Kim Kardashian denies dressing daughter North in corset

    In the short clip she touches the clothing to show it is not a boned corset but soft material layered over the dress. Kim Kardashian caught backlash after North West was spotted in a dress and what appeared to be a corset.
  • North Korea missile may not have re-entered atmosphere, report says

    Idiosyncratic hits sung at the gig included Song of Hwasong Rocket and Make Others Envy Us. Missile Defense Agency Director Lt.
    Corn Prices Poised For Lowest Finish Month To Date

    Corn Prices Poised For Lowest Finish Month To Date

    Corn production for 2017-'18 is projected 190 million bushels higher based on increased planted and harvested areas. The forecasts are for stifling conditions throughout the crop's key pollination period in major US growing regions.
    Surrey woman charged after Burnaby flaggers hit

    Surrey woman charged after Burnaby flaggers hit

    The first was sent to hospital with a head injury and bruising, according to police, while the other escaped with minor injuries. The woman was taken into custody and B.C.'s Children's Ministry was called to the scene.
  • Chris O'Dowd & Dawn O'Porter Welcome Son Named Valentine

    Chris O'Dowd & Dawn O'Porter Welcome Son Named Valentine

    The pair, who are already parents to two-year old son, Art , welcomed Valentine O'Porter into the world on July 1. It feels very natural which I didn't think it would".
    Killer of Russian opposition leader Boris Nemtsov sentenced to 20 years

    Killer of Russian opposition leader Boris Nemtsov sentenced to 20 years

    His death also came ahead of the release a controversial report implicating the Russian military in the Ukraine conflict. Moscow has continually denied accusations it is supporting the rebels with troops and sophisticated weaponry.
    HP keeps up strong PC sales amid slumping worldwide shipments

    HP keeps up strong PC sales amid slumping worldwide shipments

    IDC's data differ from Gartner's in that it includes laptops called Chromebooks that run operating software from Google Inc. While some vendors just absorbed the higher costs, others hiked their PC prices, leading to lower overall demand.