Yellen Economy Optimism Boosts Stocks, Bonds Slump: Markets Wrap
- Fed chair testifies to Senate committee with eye on rates
- Goldman tops pre-crisis closing record as banks rally
Yellen: More Rate Hikes Needed on This Economic Course
This article is for subscribers only.
Treasuries fell, U.S. stocks added to records and the dollar rose after Janet Yellen said gains in consumer spending, household income and American wealth are sustaining economic growth that may warrant higher interest rates.
Goldman Sachs Group Inc. closed at a record high for the first time since before the financial crisis, as banks rallied after the Federal Reserve chair said waiting too long to raise rates could disrupt financial markets. Four major American equity benchmarks closed at unprecedented levels for a second day, while the yield on the 10-year Treasury note added four basis points and the dollar strengthened. Crude advanced.