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Stocks rise after Yellen calms jitters, S&P finally closes above 1,850

  • Stocks powered through to a strong finish, and the S&P 500 finally managed to push past 1,850 en route to a record high after three days of trying and failing, as congressional testimony from Janet Yellen calmed early investor jitters brought on by geopolitical concerns.
  • Yellen said the Fed likely would continue tapering its asset purchases while tracking data to figure how much recent softness in the economy is due to the weather.
  • As in recent days, activity was driven in large part by short-term players waiting to see if the S&P could hold above 1,850 before buying or selling; when that level was pierced and held, what had been resistance became support.
  • Among S&P sectors, telecoms, techs and materials fared best with utilities and energy the weakest.
  • Treasury prices finished at their highs, with the benchmark 10-year yield down 3 bps at 2.646%.
Comments (8)
  • rubber duck
    , contributor
    Comments (189) | Send Message
     
    Have no doubt, the FED's easy money policies will continue. These markets are propped up by QE more than anyone realizes.
    27 Feb, 08:11 PM Reply Like
  • VP of Common Sense
    , contributor
    Comments (180) | Send Message
     
    It is inevitable that we will have another recession and the market will fall at that time. Will you blame QE then too?
    27 Feb, 08:31 PM Reply Like
  • quabbin
    , contributor
    Comments (106) | Send Message
     
    MSM has all eyes off the ball.
    27 Feb, 09:45 PM Reply Like
  • rubber duck
    , contributor
    Comments (189) | Send Message
     
    If it does indeed happen and they ramp up QE again I would call it evidence of diminishing returns. See Japan for reference.
    27 Feb, 11:23 PM Reply Like
  • cash
    , contributor
    Comments (437) | Send Message
     
    What an idiot she is! At this rate why should there be any reason for individuals/companies & ecoonomy as a whole to do well? The worse we do, the more free money that will be thrown at us. What more could we ask for? Free of work with free money courtesy Yellen.
    28 Feb, 12:29 AM Reply Like
  • rcpatrick5443
    , contributor
    Comments (668) | Send Message
     
    Cash -

     

    What are your recommendations for economic policies that would be more successful than Yellen's?
    28 Feb, 01:52 AM Reply Like
  • deytrader
    , contributor
    Comments (4) | Send Message
     
    Too much free money will *eventually* lead to lots of inflation which isn't good for individuals/companies. If there was no penalty to free money it would have been a no-brainer for all central banks.
    28 Feb, 08:36 AM Reply Like
  • StopPrintinMoney
    , contributor
    Comments (78) | Send Message
     
    yellen-shmellen, just relax and BTFATH y'all
    28 Feb, 12:35 PM Reply Like
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