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S&P 500 Rises to Record on Yellen as Yen to Sugar Climb

U.S. stocks climbed, with the Standard & Poor’s 500 Index rising to a record, as Federal Reserve Chair Janet Yellen said the central bank may alter its strategy on stimulus cuts should the economy weaken. The yen gained on worsening Ukraine tensions while sugar surged.

The S&P 500 rose 0.5 percent to 1,854.29, an all-time high. The Stoxx Europe 600 Index declined 0.2 percent. Japan’s currency appreciated 0.2 percent to 102.15 per dollar by 4:40 p.m. in New York while Ukraine’s hryvnia fell to a fresh record low. Ten-year U.S. Treasury yields slipped two basis points to 2.64 percent and Italy’s 10-year yield dropped to the lowest level since 2006. Sugar extended its gain from a recent low to 20 percent amid drought in Brazil and hog futures soared.