|08-22-2014, 06:04 PM||#1|
U.S. stocks wobble after Yellen`s remarks
U.S. equities tiptoed between small losses and gains on Friday after remarks by Federal Reserve Chairwoman Janet Yellen that indicated the Fed’s easy money policy is intact for now.
Stocks fluctuated in a tight range after a transcript of Ms. Yellen`s speech was released at 10 a.m. EDT. Investors regarded her remarks as a sign the Fed is in no rush to reverse course on easy-money policies widely seen to have added fuel to stocks` rally, traders said.
-The Dow Jones Industrial Average fell 0.08% or 13.61 points to 17026.24
-The S&P 500 index fell 0.04% or 0.75 points to 1991.62
-The NASDAQ Composite Index gained 0.15% or 6.58 points to 4538.53
Central banks` low-interest-rate policies in recent years, meant to spur economic activity, have dulled the appeal of bonds, boosting the relative appeal of stocks to investors, market participants say. U.S.
Treasury bonds pulled back after Ms. Yellen`s comments, with selling in the U.S. 10-year Treasury note pushing its yield up to 2.419%.
Bond yields move inversely to prices. Analysts said the comments disappointed bond investors who had expected Ms. Yellen to highlight significant slack in the labor market.
Other speakers Friday at an annual conference in Jackson Hole, Wyo., include European Central Bank President Mario Draghi, scheduled to appear at 2:30 p.m. EDT.
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