S&P 500 Extends Record as Yellen Signals Stimulus Support
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.