Dovish remarks from Fed Chair Janet Yellen helped the DJIA and SPX to big wins
The
Dow Jones Industrial Average (DJIA) muscled steadily higher after initially falling 101 points on a
drop in crude oil prices, and by day's end, was sitting on a nearly triple-digit gain. Helping Dow stocks recover was a relatively dovish speech from Fed Chair Janet Yellen, who said the central bank will proceed with caution when it comes to future rate hikes -- despite a recent
raft of more hawkish remarks from other Fed officials. Yellen's comments were also a boon to the
S&P 500 Index (SPX), which moved back into positive year-to-date territory.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,633.11) advanced for a third consecutive session, tacking on 97.7 points, or 0.6%. Twenty-four of the Dow's 30 components finished higher, led by Apple Inc.'s (NASDAQ:AAPL) 2.4% surge. On the flip side, 3M Co (NYSE:MMM) paced the six losers, shedding 1.1%.
The S&P 500 Index (SPX - 2,055.01) popped nearly 18 points, or 0.9%, and above its year-to-date breakeven level. Meanwhile, the Nasdaq Composite (COMP - 4,846.62) surged 79.8 points, or 1.7%, to pace its peers.
The CBOE Volatility Index (VIX - 13.82) tumbled 1.4 points, or 9.3%, for its lowest close since March 21.
5 Items on Our Radar Today:
-
In a speech to the Economic Club of New York, Fed Chair Janet Yellen said that the U.S. economy has been sending mixed signals, making it important to "proceed cautiously" when it comes to policy change. She also warned that, if the economy stagnates, the central bank can "provide only a modest degree of additional stimulus." (CNBC)
-
Corey Lewandowski, the campaign manager of Republican presidential nominee Donald Trump, was arrested on charges of battery for allegedly grabbing a reporter earlier this month. Elsewhere, Wisconsin Gov. Scott Walker endorsed Trump's Republican rival, Texas Sen. Ted Cruz, ahead of Wisconsin's primary election next Tuesday. (Reuters, via Yahoo! News)
-
How this solar "yieldco" helped to sink Sunedison Inc (NYSE:SUNE).
-
Lennar Corporation's (NYSE:LEN) trip to the earnings booth was a boon to bulls.
-
Barrick Gold Corporation (USA) (NYSE:ABX) calls flew off the shelves, as the stock rode sector tailwinds higher.
Data courtesy of Trade-Alert
Commodities:
Oil prices fell amid reports Iran will likely not freeze ouput, as well as news that Kuwait and Saudi Arabia will resume production at the jointly operated Khafji field. By day's end, May-dated crude futures were down $1.11, or 2.8%, at $38.28 per barrel.
Gold got a boost from Yellen's dovish remarks (which weighed on the dollar), plus data showing net gold imports by China rebounded from a 17-month low. At the close, June-dated gold was up $15.50, or 1.3%, at $1,237.50 per ounce -- snapping a three-day losing streak.