S&P 500 Closes at 2016 High After Dovish Remarks From Yellen
- Fed Chair says caution on rates warranted amid global risks
- Apple, Microsoft pace rally in tech; commodity shares recover
Janet Yellen: Reading on U.S. Economy Somewhat Mixed
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U.S. stocks rose, with the Standard & Poor’s 500 Index posting a 2016 high, as Federal Reserve Chair Janet Yellen signaled the central bank will be cautious on further interest-rate increases in a nod to global risks.
Equities saw the strongest gains since the conclusion of the last Fed meeting, when policy makers reduced their outlook for rate increases this year, citing negative developments overseas. The dollar repeated a post-Fed selloff, helping commodity and industrial shares to reverse losses on speculation the weaker currency will buoy earnings.