US Stocks rise as Yellen win vote to become Fed Chairman $ XAUUSD
- Published: 08 January 2014
- Three rounds of stimulus have helped propel the S&P 500 higher by as much as 173 percent from a 12-year low in 2009. Janet Yellen won Senate confirmation with a 56-26 vote to become the 15th chairman of the Fed. She will replace Ben S. Bernanke, whose second term as chairman expires Jan. 31.
- BlackBerry rose 6.1 percent to $8.50 at the close in New York, taking the stock to its highest level since September. The stock has gained 36 percent since the day before the Foxconn deal was announced in December.
- JPMorgan Chase was the Dow's biggest loser, off 1 percent after authorities on Tuesday said the bank would have to pay $1.7 billion to settle charges it violated laws that require banks to monitor customer activity for money laundering in its handling of accounts of Bernard Madoff.
- The Nasdaq also gained, led by Neurocrine Biosciences, up 87 percent after the company late Monday said one of its experimental drugs helped treat the symptoms of an illness that causes involuntary spasms.
- Dow Jones +0.64% S&P 500 +0.61% and NASDAQ +0.96%
- The dollar gained after a report showed the U.S. trade deficit shrank more than forecast in November as oil imports dropped to the lowest level in three years, boosting the allure of American assets.
- West Texas Intermediate crude halted its longest run of declines since September after equities rose as German unemployment fell for the first time in five months. Futures advanced as much as 0.8 percent, ending a five-day losing streak. WTI is currently trading at $93.85 USD a barrel.
