Wall Street highest close in 2016 on dovish Yellen

U.S. stocks were able to finish higher on Wall Street today after reversing early losses after the Federal Reserve Chairwoman, Janet Yellen, came to the rescue.

Yellen emphasized in speech at the Economic Club of New York today, Tuesday, that policy makers at the FOMC are taking a cautious approach to hiking interest rates.

Janet Yellen, full speech – March 29

The S&P 500 was gained 17.99 points, or 0.9%, to 2,055.03. The Dow added 98.27 points, or 0.6%, to 17,633.66. The Nasdaq also showed gains of 79.84 points, or 1.7%, to 4,846.62. This has left the S&P and the Dow climbing to their highest close this year so far.

Fed unlikely to act until September – FXStreet

While we are in a lower rate for longer mood in respect of the Fed, stocks may continue to recover, especially with a weaker greenback. DXY fell 0.8% to 95.1570 after markets reacted to Yell’s dovish speech and subsequently is trading at its lowest levels since the March Fed announcements.

U.S. stocks were able to finish higher on Wall Street today after reversing early losses after the Federal Reserve Chairwoman, Janet Yellen, came to the rescue.

(Market News Provided by FXstreet)

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