Markets

Dow Ends At Record, Stock Market Gains After Dovish Yellen

Dow Ends At Record, Stock Market Gains After Dovish Yellen

The market opened higher tracking the positive cues from Wall Street and as investors digested Federal Reserve Janet Yellen's comments during her testimony before Congress.

XAutoplay: On | OffThe Dow Jones industrial average slimmed to a 0.1% gain, after climbing nearly 0.2% in late trade.

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

US stocks closed higher on Wednesday with the Dow industrials setting its first closing record in almost a month as Federal Reserve Chairwoman Janet Yellen emphasized the central bank's gradual approach to normalizing monetary policy and expressed optimism about the economy in congressional testimony. WTI oil for August added $0.45 or 1 percent to settle at $45.49 on the New York Mercantile Exchange.

The dollar was 0.1 percent lower at 113.02 yen after losing about 0.7 percent overnight, when it was pulled back from a four-month high near 114.495 scaled earlier in the week on expectations of U.S. -Japan monetary policy divergence.

-Crude inventories fell 7.56 million barrels last week, the EIA said.

Data showed U.S. producer prices unexpectedly rose in June.

-The Bloomberg Dollar Spot index fell 0.4 percent.

Harfst & Associates Inc. Purchases Shares of 1780 Aflac Incorporated (AFL)
Coastline Trust Communications holds 0.62% or 45,190 shares in its portfolio. 39,941 were reported by Palladium Prns Lc. It has underperformed by 16.70% the S&P500.The move comes after 6 months negative chart setup for the $1.22B company.

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 USA banks.

The financial index was the best performer among the 11 major S&P sectors, ending Thursday up 0.61 per cent. It was last at 2.319 percent.

Delta Air Lines Inc on Thursday reported a 21 percent drop in second-quarter profit because of sharply higher operating costs, despite higher passenger unit revenue, sending its shares down about 1.8 percent. The FTSE 100 rose 1.2 percent.

The Fed said a shortage of qualified workers has limited hiring (http://www.marketwatch.com/story/feds-beige-book-says-worker-shortage-limits-hiring-2017-07-12) and characterized US economic growth as "slight to moderate", according to the central bank's Beige Book.

Spot gold was down 0.1 pct at $1,218.59 per ounce by 1:51 p.m. EDT (1751 GMT), off Monday's near four-month low of months at $1,204.45 this week.USA gold futures for August delivery 1 settled down $1.80, or 0.15 percent, at $1,217.30 per ounce.

At the front-end of the curve, the two-year yield was at 1.367 percent, up from Wednesday's 1.351 percent.

-The loonie rose 1.4 percent to $1.27356.