Categories: U.S. Investing

S&P 500 Extends Record as Yellen Signals Stimulus Support

S&P 500 Extends Record as Yellen Signals Stimulus Support (Bloomberg)

U.S. stocks rose today to extend records for benchmark indexes, as Janet Yellen, the nominee to become chairman of the Federal Reserve, spoke about the need to continue the Federal Reserve’s stimulus efforts. The Standard & Poor’s 500 Index rose 0.5 percent to a record 1,790.62 at 4 p.m. in New York. The Dow Jones Industrial Average (INDU) jumped 54.59 points, or 0.4 percent, to 15,876.22, also a record. The Nasdaq Composite Index gained 0.2 percent to reach its highest level since September 2000. One of today’s big gainers was PulteGroup Inc., which soared 4.9 percent as homebuilders rose. Office Depot Inc. gained 4.5 percent after Bank of America Corp. advised investors to buy the stock. Cisco fell 11 percent, causing a pullback among technology shares, after its profit forecast missed projections. Chris Versace, editor of the investment newsletter PowerTrend Profits, advised his subscribers in a special alert today to buy Cisco shares at its reduced price.

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Paul Dykewicz

Paul Dykewicz is the editor of StockInvestor.com and the editorial director of Eagle Financial Publications in Washington, D.C. He writes and edits for the website, as well as edits investment newsletters, time-sensitive trading alerts and other reports published by Eagle. He also is an accomplished, award-winning journalist who has written for Dow Jones, USA Today and other publications, as well as served as business editor of a daily newspaper in Baltimore. In addition, Paul is the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain." He received his MBA in finance from Johns Hopkins University, where he was a two-time president of the school's Finance Club. In addition, Paul has a bachelor's degree from the University of Michigan and a master's degree in journalism from Michigan State University. Outside of work, Paul volunteers with a faith-based organization to assist the poor in Southeast Washington, D.C., to learn personal finance skills to lift themselves out of debt.