S&P 500 on Brink of Record as Yellen Comments Fuel Rate Bets
- Financial shares resume Trump-driven gains as hike odds rise
- Advance in crude prices pushes energy producers higher
Fed's Yellen Offers Hint, Caution on Interest Rates
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The S&P 500 Index climbed within four points of an all-time high as comments from Federal Reserve Chair Janet Yellen fueled speculation interest rates may rise as soon as next month, bolstering shares in financial firms. Small caps extended a rally to 10 days.
The S&P 500 added 0.4 percent to 2,185.49 at 3:20 p.m. in New York, 0.2 percent below its Aug. 15 closing record of 2,190.15. The Russell 2000 Index jumped 0.6 percent to a record, pushing its winning streak to the longest since March 2013. The Dow Jones Industrial Average slipped after a disappointing sales forecast sent Cisco Systems Inc. tumbling.