Soothing words from Federal Reserve Chair Janet Yellen helped pull the stock market out of a morning slump Wednesday. But Internet companies and Whole Foods Market plunged, taking the Nasdaq down. Whole Foods plunged 19 percent after cutting its profit forecast. Yellen told the Joint Economic Committee of Congress that a tough job market and weak inflation meant that the Fed will likely keep borrowing rates low for a "considerable time."
On Monday afternoon, the Senate confirmed Janet Yellen, 67, as new chairperson of the Federal Reserve. Yellen is the first woman to take over the top spot in the 100-year history of the U.S. central bank, or any major central bank. Second to Ben Bernanke since 2010, Yellen was Barack Obama’s pick for the Fed Chair. “Too many Americans still can’t find a job and worry how they’ll pay their bills and provide for their families,” she said at her White House nomination.
U.S. stocks finished deep in the green Tuesday, a day when new Federal Reserve Chairwoman Janet Yellen made her debut on Capitol Hill. Yellen's dovish comments sent the S&P 500 over 1% higher to 1820, while the Dow rose 193 points to 15,995. The tech-heavy Nasdaq finished up 1% at 4,191. In company news, Sprint was up almost 3% after posting a narrower Q4 loss and revenue that exceeded expectations.
Federal Reserve Chair Janet Yellen last week told markets that the central bank may raise rates as early as six months after it ends quantitative easing. Earlier this week Yellen said the Fed must remain "extraordinarily" accommodative. ValueBridge Investors principal analyst Brian Barnier tells TheStreet's Joe Deaux that Yellen isn't trying to mislead markets with her latest statements. He says Yellen is trying to get market participants to sift deeper into the Fed's guidance.
The Senate confirmed Janet Yellen on Monday as the first woman to lead the Federal Reserve, elevating an advocate of fighting unemployment and a backer of the central bank's efforts to spur the economy with low interest rates and massive bond purchases. Yellen, 67, will replace Ben Bernanke, who is stepping down after serving as chairman for eight years dominated by the Great Recession and the Fed's efforts to combat it.
Keith Bliss, senior vice president and director of sales & marketing at Cuttone & Co., Inc., weighs in on the top three challenges that Federal Reserve Chair Janet Yellen faces: getting the U.S. Federal Reserve's monetary policy back on track, how she handles the pressure from Congress during her semi-annual testimony on Tuesday, and the debt ceiling debate later this month.
European and Asian indices are mixed, with investors reluctant to commit themselves before the conclusion of the Fed's two-day monetary policy meeting and a press conference by new Fed boss Janet Yellen. In London engineering and technology company Smiths Group sounds a warning about the outlook, while in Madrid a dividend hike and early 2014 sales news buoy clothing retailer Inditex. But in Tokyo Apple supplier Japan Display makes a disappointing IPO debut.
U.S. stocks finished in the green Monday, a day before new Federal Reserve Chairwoman Janet Yellen speaks to Congress. The S&P 500 popped 3 points to 1800 while the Dow rose 8 points to 15,802. The Nasdaq jumped .5 percent to 4,148.
Disappointing news on German investors’ reading of the economic outlook in Europe’s largest economy weighed on euro-zone markets on Tuesday as the world waited for Fed boss Janet Yellen's semi-annual testimony on monetary policy to a committee of Senate lawmakers, the first of two addresses to Congress this week.
The S&P 500 jumps to a fresh record close after Federal Reserve Chair Janet Yellen says the market is not overvalued. The Dow, the S&P 500, and the Nasdaq each rallying four straight sessions. After a two-day meeting, the Fed clarified it is far from raising interest rates after continuing to wind down monthly bond purchases by $10 billion. But it was her comments on financial market stability that caught the market's attention, says LPL Financial's John Canally.
Janet Yellen, the chairwoman of the Federal Reserve, just poured cold water on the social media sector. Ahead of her appearance before the Senate Banking Committee on Tuesday, Yellen released the Fed's semi-annual Monetary Policy Report. Twenty pages into the report, Yellen spares a few words to address the issue of tech valuations. She writes, "[V]aluation metrics in some sectors do appear substantially stretched.