(MENAFN– ecpulse)
Wall Street closed in green territories with the Standard & Poor’s 500 Index capping its best three-day rally in two months, as Yahoo! Inc. earnings topped estimates and industrial production gained more than forecast.
Also today Federal Reserve Chairman Janet Yellen said today that the central bank has a ‘continuing commitment” to support the economic recovery with policy makers now estimated that by late 2016 the economy will reach full employment.
She told investors to pay attention to any shortcomings in both the unemployment rate and inflation for signals on the central bank’s decisions on interest rate.
“The larger the shortfall of employment or inflation from their respective objectives, and the slower the projected progress toward those objectives, the longer the current target range for the federal funds rate is likely to be maintained,” Yellen said in a New York speech that outlined the adapted policy framework the Fed uses.
While that today’s Beige Book, the Federal Reserve said the U.S. economy continued to show growth in most regions, with companies and businesses reaped the benefits of the after-winter bounce.
Eight of the 12 districts characterized growth as “modest or moderate,” the Federal Reserve said Wednesday in its Beige Book business survey, based on data collected before April 7.
In Chicago, economic growth picked up , while New York and Philadelphia witnessed a rebound from winter-related slowdowns.
According to the Beige Book, “Consumer spending increased in most Districts, as weather conditions improved and foot traffic returned.”
Accordingly:
-The Dow Jones Industrial Average gained 1.00% to 16424.85
-The S&P 500 Index rose by 1.08% to 1862.31
-The NASDAQ Composite inclined by 1.29% to 4086.23. As of 16:15 p.m.
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