U.S. Stocks, Treasuries Rise After Yellen's Speech: Markets Wrap
- Fed chair defends crisis response, says little on policy
- Oil higher as major hurricane targets Gulf Coast of Texas
Yellen: Reforms Made Financials Substantially Safer
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U.S. stocks and Treasuries rose while the dollar sank after Janet Yellen’s speech didn’t take the hawkish tone some expected. Oil gained as Hurricane Harvey churned toward the energy-rich Texas coast.
The S&P 500 Index had its best week in over a month as the measure held earlier gains sparked by comments from the president’s top economic adviser. The euro touched the highest in two and half years versus the greenback as traders showed signs of relief after Mario Draghi didn’t talk down the value of the currency in his Jackson Hole speech. Bloomberg’s dollar gauge fell to its lowest level since January 2015.