S&P 500 Rises to Near Record After Yellen as Treasuries Retreat
- Yellen sees hike ‘relatively soon,’ plans to serve full term
- Financial shares resume Trump-driven gains as hike odds jump
Fed's Yellen Offers Hint, Caution on Interest Rates
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The S&P 500 Index neared an all-time high, rising with the dollar as Treasuries fell after Federal Reserve Chair Janet Yellen signaled the central bank is close to raising interest rates.
The U.S. stock benchmark rose to within four points of a record, and the Russell 2000 Index of smaller companies capped its longest rally since March 2013, while the Dow Jones Industrial Average gained despite a disappointing sales forecast from Cisco Systems Inc. U.S. government bonds slid after Yellen’s comments and a wave of data that pointed to U.S. economic strength. The greenback’s gains helped oil fall below $45 a barrel.