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%.


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