Dow ends above 16K as Yellen vote supports stocks

The Dow closed above 16,000 for the first time, and the S&P pushed 15 points higher after a three-day pullback, as Janet Yellen moved closer to becoming the next Fed chairman and a better than expected report on the jobs market boosted sentiment.

Yellen's approval by the Senate Banking Committee helped boost stocks because her yardstick for tapering is higher than for many other Fed members, analysts say; it now appears Yellen will have an easy path to confirmation.

Financials paced the advance, and the group has vaulted to the top of the November leaderboard; consumer discretionary stocks moved higher even after disappointing quarters from several retailers.

The yield on the 10-year Treasury note reversed course late in the session, falling to 2.789% after earlier hitting a two-month high.

Gold futures extended their losses, dropping 1.1% to $1,243.50 to settle at four-month lows; crude oil gained 1.7% to $95.44, the largest one-day gain in seven weeks.

Comments (1)
  • Seth Walters
    , contributor
    Comments (675) | Send Message
    It's worth noting that yesterday Treasury bonds dropped far, far more than equities on the taper threat. Even with all the levering, the record margin debts, the debt financed stock buybacks, and all of that... and a threatened taper... and stocks didn't plunge. They moved far less than bonds did in fact...


    There seems to be more under equity valuations than many believe.
    21 Nov 2013, 08:08 PM Reply Like
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