- 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.
Dow ends above 16K as Yellen vote supports stocks
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