finance

Dow ends higher to halt 3-session skid as investors cheered by 'act big' Janet Yellen

126 1

MARKET PULSE

U.S. stocks finished solidly higher Tuesday as Janet Yellen in her Senate confirmation hearing called for more financial aid for the pandemic-battered economy, helping push investors into a buying mood at the start of a holiday-shortened trading week. Markets were closed on Monday in observance of the Martin Luther King Jr. holiday. Yellen is Biden's nominee to replace Treasury Secretary Steven Mnuchin and has emphasized the need for more government spending to avoid a protracted economic recession as a result of the COVID-19 pandemic. "But right now, with interest rates at historic lows, the smartest thing we can do is act big," she said in prepared testimony. The Dow Jones Industrial Average halted a three-session skid to close up 0.4% higher at around 30,930, the S&P 500 index advanced 0.8% to finish at 3,799, halting its two-session slide. The Nasdaq Composite Index rose 1.5% to finish at 13,197, narrowly missing a closing high at around 13,201. Markets were watching results from Netflix which was coming out after the close of markets on Tuesday. Earlier in the session, market participants were parsing quarterly results from the likes of Goldman which reported fourth-quarter net income that more than doubled and beat expectations by a wide margin, and revenue that also topped Wall Street expectations.

 

1 Comments

Leave a Comment

Related News