Yellen Speech to Influence Markets

Judith Bessette
Julho 16, 2017

USA stocks rose toward records, Treasuries rallied and the dollar retreated after Janet Yellen signaled the Federal Reserve won't rush to tighten monetary policy as inflation remains persistently below target.

GBP/USD is supported in the range of 1.2909 levels and now trading at 1.2944 levels.

-Crude inventories fell 7.56 million barrels last week, the EIA said. Oil prices rose after dropping in recent weeks to levels not seen since the end of past year as investors lost faith in a deal between the Organization of the Petroleum Exporting Countries and non-OPEC producers to reduce output. The currency traded in a range of C$1.2722 to C$1.2771. It peaked to hit session high at 113.46 and made session lows at 113.13 levels.

She says that the central bank expects to keep raising a key interest rate at a gradual pace and also plans to start trimming its massive bond holdings this year as long as the economy keeps performing as expected.

Federal Reserve Chair Janet Yellen has begun her testimony before the House Financial Services Committee. The S&P 500 rallied back to retake its early-morning high.

Meanwhile, the Nasdaq Composite Index rose 67.87 points, or 1.1%, to 6,261.17, for a fourth straight day of gains.

Wall Street posted slight gains on Thursday and the Dow hit another record high close, with financials rising ahead of profit reports due Friday from several big us banks.

Hilton Worldwide Holdings Inc
UBS Asset Management Americas Inc. raised its position in shares of Hilton Worldwide Holdings by 7.4% in the fourth quarter. The stock of Hilton Worldwide Holdings Inc (NYSE: HLT ) earned "Outperform" rating by FBR Capital on Thursday, February 16.

At 12:48 p.m. ET (1648 GMT), the Dow Jones Industrial Average was up 26.5 points, or 0.12 per cent, at 21,558.64, the S&P 500 was up 4.84 points, or 0.19 per cent, at 2,448.09.

Among the other major gainers, Nippon Electric Glass is gaining more than 5 percent, while Chughai Pharmaceutical and Minebea Mitsumi are rising more than 2 percent each.

Banks lost ground after USA yields fell, with Mitsubishi UFJ Financial Group ending 1.5 percent lower, Mizuho Financial Group declined 1.3 percent, while insurer Dai-ichi Life Holdings dropped 2.1 percent. The FTSE 100 rose 1.2 percent.

The somewhat dovish statement from Yellen, pointed to a slowdown in the pace of future rate hikes, spurring a broad-based rally in equity markets, as all three main USA indexes ended positive.

The Nikkei closed 0.01 percent higher at 20,099.81, while the broader Topix ended down 0.01 percent to 1,619.11.

At the front-end of the curve, the two-year yield dropped as low as 1.331 percent from 1.379 percent and last traded at 1.351 percent.

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