The Toronto Stock Exchange’s S&P/TSX composite index closed up 60.72 points, or 0.45 percent, at 13,431.38, after earlier touching 13,460.79 – its highest since Oct. 31. After a sluggish performance in the first half of the year, the index has rebounded strongly in the past month.
It’s always nice to hear it reaffirmed,” Peter Sidoti of Sidoti & Co., said of testimony Thursday by Yellen, nominated to be the next chairman of the Fed. NASDAQ — A day after finishing at an all-time high, the Dow Jones Industrial Average did a repeat performance, advancing 54.59 points, or 0.4 percent, to 15,876.22, with Home Depot pacing gains that included 23 of its 30 components. “Yellen’s comments would lead the market to have less expectations of a December taper, which seemed to be building for a while, so that is offsetting some of the negative fundamentals,” said Bill Stone, chief investment strategist at PNC Wealth Management in Philadelphia, referring to the negative outlook from the network-equipment maker.
Safe-play stocks lead market to latest records
The benchmark Stoxx 600 index ended down 0.6% at 319.82, Germany’s DAX fell 0.2% to 9054.83 and France’s CAC 40 ended 0.6% lower at 4239.94. The FTSE 100 underperformed its peers in Europe, falling 1.4% to 6630, while sterling surged after the Bank of England said it may consider raising the U.K.’s main interest rate as soon as the third quarter of 2015, nine months earlier than previously estimated. Adding to the FTSE’s downside were big losses for mining stocks, which have a heavy weighting in the index. BOE officials said that a stronger outlook for domestic demand as the U.K.
14, 2013 after prepared testimony for the confirmation hearing of incoming Federal Reserve chief suggested the U.S. central bank won’t reduce its economic stimulus until March next year or later.(AP Photo/Richard Drew, File) NEW YORK (AP) The stock market is closing at another record high, but the gains were driven mostly by stocks that investors buy when they want to avoid risk. The biggest gainers were safe-play stocks like power companies, banks and health care companies, a sign that investors are becoming more cautious.