Wednesday, 15 February 2017

Apple, banks push Wall Street to all-time high

Major US stock indexes established record highs on Tuesday, led by bank stocks after Federal Reserve Chair Janet Yellen said it would be unwise to wait too long to raise interest rates. Apple racked up a record high close for the second straight session, contributing to gains in the S&P 500, Dow Jones Industrial Average and Nasdaq Composite indexes. Yellen said delaying rate hikes could force the US central bank to tighten monetary policy quicker down the line, which could risk a recession. She also expressed uncertainty over economic policy under the Trump administration. 

Banks, expected to gain from higher interest rates, led the market higher. Goldman Sachs rose 1.29 percent and Bank of America added 2.82 percent. The S&P 500 financial index jumped 1.24 percent. So far in 2017, the KBW banking index has increased 4.5 percent. President Donald Trump's pro-business stance sparked a record-setting rally in stocks following his November election. However, he has given scant detail on his policies, leaving the Fed with limited visibility about the economy's future direction.

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