- 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%.