Wall Street rose as the Fed's Yellen does not change policies

Wall Street rose as the Fed's Yellen does not change policies


Stocks on Wall Street moved higher in early trade on Tuesday , after Federal Reserve Chairman Janet Yellen recently told Congress he had no plans to change the monetary policy set Ben Bernanke's predecessor .

Within about 30 minutes of trading , the Dow Jones Industrial Average rose 58.66 points ( 0.37 percent) to 15860.45 .

The broad-based S & P 500 added 5.66 points ( 0.31 percent ) to 1805.50 , while the tech -heavy Nasdaq composite index rose 14.17 points ( 0.34 percent) to 4162.34 .

Initial rise shows market Yellen reassured by the statement that he expects " a lot of continuity " in Fed policy , according to the prepared text of his testimony to the House , which opened at 10:00 local time ( 15:00 GMT ) .

The Fed has said it plans to gradually withdraw the stimulus while keeping interest rates very low until there is significant improvement in the economy .

Yellen prepared remarks , in his first testimony since becoming head of the central bank on February 1 , " contains no big surprise , " said Briefing.com Patrick OHare .

CVS Caremark rose 2.9 percent as earnings of 1.12 dollars per share beat expectations by one cent supported a four percent increase in sales at the retail pharmacy store .

Sprint telecommunications companies reported the highest level for this on the amount of 53.9 million subscribers after adding 682,000 in the fourth quarter . This increase helped its shares rise 6.2 percent despite the operating loss amounted to 576 million U.S. dollars .

ConAgra Foods cut its full-year profit forecast be 2.22 to 2.25 U.S. dollars per share from 2.34 to 2.38 U.S. dollars , citing customer service problems after the reorganization , among other issues . Its shares slumped 7.3 percent .

Pioneer Natural Resources fell 2.2 percent after it reported a quarterly loss of U.S. $ 1.4 billion . The main drivers of the loss was a " write-down " ( decrease in value ) in a large natural gas properties due to lower natural gas prices long-term .

Bond prices fell . The yield on U.S. 10-year bonds rose to 2.72 percent from 2.68 percent , while the 30 - year bond rose to 3.69 percent from 3.66 percent . Prices and bond yields move inversely .

. Major stock markets closed sharply Europe on Tuesday, after U.S. Federal Reserve Chairman Janet Yellen said new he would maintain the current monetary policy unchanged.

In London, the benchmark FTSE 100 index ended up 1.23 percent to 6672.66 points.

Frankfurt's DAX 30 gained 2.03 percent to close at 9478.77 points while in Paris the CAC 40 gained 1.09 percent to end at 4283.32 points, according to AFP.