Stocks Inch Up After Yellen Remarks, Dollar Gains: Markets Wrap
- Euro slide deepens after German vote, May Brexit comments
- Treasuries and gold fall as investors unload haven positions
Yellen Says Fed Path Subject to Much Uncertainty
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U.S. stocks crept higher as Janet Yellen warned that the Federal Reserve should be wary of tightening monetary policy too gradually. The dollar gave back some earlier gains and Treasuries added to losses.
The S&P 500 Index all but erased its increase in the final 30 minutes of trading to finish essentially unchanged, while technology shares climbed and small caps rose to a record. Bloomberg’s dollar index, which had jumped the most since January in early trading, retreated but remained positive as the Fed chair said raising interest rates gradually is the appropriate policy stance considering the uncertainty surrounding inflation. Yields on 10-year treasuries held at 2.23 percent.