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Stocks push higher as Yellen defends stimulus, Cisco a drag on techs

Nov. 14, 2013 4:15 PM ETBy: Carl Surran, SA News Editor7 Comments
  • Investors give Janet Yellen a thumbs-up in her Senate testimony, as she leaves little doubt that the Fed's easy money policies will continue, sending the Dow and S&P to new record highs.
  • "Yellen's comments would lead the market to have less expectations of a December taper, which seemed to be building for a while," says the chief investment strategist at PNC Wealth Management.
  • Home builders shot up as investors bet that continued bond buying will keep a lid on mortgage rates, but tech stocks lagged after poor Q3 results and a dim outlook from Cisco.
  • Treasurys turned higher on the dovish outlook and regained its footing after a soft auction of 30-year bonds; the yield on the benchmark 10-year note slipped 2.5 bps to 2.696%.
  • Nymex crude fell slightly after data showed supplies rose for an eighth week in a row, but Brent crude rallied past $108 following a report that OPEC output fell for a third straight month; the divergent moves pushed the spread briefly above $15/barrel.

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