US stocks closed higher, with the Dow and S&P 500 hitting records, as investors attempted to interpret a subtle change in emphasis in testimony by Federal Reserve Chair Janet Yellen.
Yellen told a congressional committee that the Fed is preparing to consider increases «on a meeting-by-meeting basis.» While economists have been expecting a hike as soon as June, some investors saw Yellen’s comments as an indicator of a later liftoff for the Fed’s first rate hike since 2006.
The Dow Jones industrial average rose 92.35 points, or 0.51 percent, to 18,209.19, the S&P 500 gained 5.82 points, or 0.28 percent, to 2,115.48 and the Nasdaq Composite added 7.15 points, or 0.14 percent, to 4,968.12.
Greek shares surged outpacing modest gains in pan-European indexes after Athens delivered a list of economic reforms to the euro zone that it hopes will secure a four-month extension of its financial lifeline.
Volatile Greek banking stocks were the top gainers across Europe, with National Bank of Greece up 13.9 percent, Alpha Bank up 13 percent, Bank of Piraeus up 11.2 percent and Eurobank up 10.7 percent, as the Greek market reopened after a three-day weekend.
The FTSEurofirst 300 index of top European shares was up 0.2 percent at 1,537.76 points, a level not hit for seven years.
Meanwhile, Japan’s Nikkei share average rose for a fifth straight day today and scored another 15-year high after the yen weakened, while investors were cautious awaiting comments from US Federal Reserve Chair Janet Yellen later in the day.
The Nikkei rose 0.7 percent to 18,603.48 points, the highest point of the day and the highest close since April 2000.
The broader Topix gained 0.4 percent to 1,508.28, and the JPX-Nikkei Index 400 advanced 0.3 percent to 13,680.93.
buenosairesherald.com