US stocks rise after Yellen hints at early rate hike

US stocks rise after Yellen hints at early rate hike

World Economy News

NEW YORK: US stocks witnessed rise in early Friday trade after Federal Reserve chief Janet Yellen hinted
at interest rate hike (World Economy).

“The US economy was sound and the argument had grown for an interest rate increase,”
Janet Yellen said. She also said that the case for an increase in the federal funds rate has
strengthened in recent months.

The US stock took the statement positively and recorded a slight rise at the open of trade,
at 1445 GMT the Dow Jones Industrial Average was up 0.5 percent at 18,538.05.

The broad-based S&P 500 added 0.5 percent at 2,183.77, while the tech-rich Nasdaq Composite rose 0.6 percent to 5,243.95.

Yellen stressed as usual that policy moves were dependent on economic data.

Bank shares were higher, with Bank of America adding 1.1 percent and Goldman Sachs 0.8 percent.

Gold stocks jumped on a 1.1 percent gain in the gold price.

 

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