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Midday Market Update

Yellen Comments Spark Stock Prices

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U.S. stocks climbed after Federal Reserve chair Janet Yellen commented on second-quarter gross domestic product data. "In light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal-funds rate has strengthened in recent months," she said. Those words are alimenting market expectations for a consolidation of the U.S. economy and therefore pushing stock prices higher and strengthening the U.S. dollar against the euro. Oil also climbed above $48 a barrel in New York. The S&P 500 is now up 0.55%, and European markets erased their initial loss and closed in positive territory.

Francesco Lavecchia does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.