Wall Street Hits Record Highs Following Fed Chair’s Comments
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iStock/Thinkstock(NEW YORK) — The market reacted to the Fed chair’s comments about interest rates on Tuesday with new record highs.
The Dow Jones Industrial Average finished the session on Tuesday at 18,209.19, up 92.35 from its open.
The Nasdaq finished up 7.15 to close at 4,968.12. The S&P 500 also rose by 5.82 points to close at 2,115.48.
Investors applauded Federal Reserve Chair Janet Yellen’s comments to Congress on Tuesday, which said that the central bank remains “patient” in deciding when to start raising interest rates, noting that many Americans remain unemployed and inflation is running below the Fed’s target.
Yellen’s comments mean that a rate increase is not likely before June or even later this year.
Home price increases leveled off in December, reflecting a weak sales environment.
Consumer confidence also fell in February after a big gain in January, but confidence about the economy is still higher than it was before the Great Recession.
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