Markets Right Now: Yields rise, stocks fall on Fed comments - InfoNews

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Markets Right Now: Yields rise, stocks fall on Fed comments

February 27, 2018 - 1:15 PM

NEW YORK - The latest on developments in financial markets (all times local):

4 p.m.

Treasury yields rose and stocks fell after the head of the Federal Reserve said that he's feeling more optimistic about the economy.

Fed Chairman Jerome Powell told Congress Tuesday that he had become more bullish about the economy since December.

That could indicate he's open to more aggressive interest rate increases to keep the economy from overheating and stoking inflation.

Powell's remarks came at his first public appearance as Fed chairman. The 10-year Treasury yield rose to 2.90 per cent.

The Standard & Poor's 500 index fell 35 points, or 1.3 per cent, to 2,744.

The Dow Jones industrial average lost 299 points, or 1.2 per cent, to 25,410. The Nasdaq composite gave up 91 points, or 1.2 per cent, to 7,330.

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11:45 a.m.

Treasury yields rose and stocks slipped after the head of the Federal Reserve said that he's feeling more optimistic about the economy.

The testimony by Fed Chairman Jerome Powell before Congress Tuesday was highly anticipated.

Investors watched Powell's comments closely for clues about how quickly the central bank will raise interest rates to stave off inflation.

Bond yields rose after Powell said he had become more bullish about the economy since December. That could indicate he's amenable to more aggressive interest rate increases.

The 10-year Treasury yield rose to 2.91 per cent.

The Standard & Poor's 500 index fell 11 points, or 0.4 per cent, to 2,768.

The Dow Jones industrial average lost 50 points, or 0.2 per cent, to 25,654. The Nasdaq composite fell 44 points, or 0.6 per cent, to 7,376.

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9:35 a.m.

Major U.S. stock indexes edging higher in early trading led by gains in banks and energy companies.

Morgan Stanley rose 1.2 per cent in the first few minutes of trading Tuesday, while Schlumberger rose 2.1 per cent.

Comcast sank 5.6 per cent after announcing a bid to take over the British satellite TV company Sky.

Macy's jumped 12 per cent after reporting a big gain in a key sales measure over the holidays.

The Standard & Poor's 500 index rose 32 points, or 0.1 per cent, to 2,783.

The Dow Jones industrial average climbed 53 points, or 0.2 per cent, to 25,758. The Nasdaq was little changed at 7,423.

News from © The Associated Press, 2018
The Associated Press

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