Janet Yellen, a Federal Reserve’s Chair, opened a topic about the possibilities of a rate hike occurring this month. Stocks advanced this Friday.
According to Ben Baier, a senior portfolio manager at the Bank of the West, “Janet Yellen has done a good job of walking the tight rope of preparing the market for this.” He also claims that it would require a strong force to knock them off this incoming rate hike.
Economic improvements will be further tackled at the March 14-15 Federal Open Market Committee meeting, central bank leader said. Just recently, Fed officials claimed that there’s an incoming tight monetary policy.
S&P 500 closed higher about 0.05 percent, driven by health and financial care leading advancers. NASDAQ composite rose as well by 0.1 percent. The Dow Jones industrial average was down, with Nike contributing most of the decline and Goldman Sachs with the most gains.
Stocks advanced to record levels, driven by the recent U.S. election and expectations of government spending, tax reform and deregulation. One of the positive results is the all-time highs of three major indexes on Wednesday this 2017.
However stocks around the world aren’t doing that well, as some of them traded mostly lower last Friday. South Korea’s Kospi fell 1.14 percent, Japan’s Nikkei 225 with a 0.49 percent decline and the pan-European Stoxx 600 index edged down as well by 0.1 percent
Meanwhile in currency, the U.S. dollar fell against its opposing currencies, the yen around 114.04 and the euro near $1.06. After Commerce Secretary Wilbur Ross told CNBC that a well trade deal between the Mexico and U.S. can save the worn down currency, the Mexican peso advanced against the currency.
According to TABB Group, high-frequency trading adjusted for 52 percent of March daily exchange volume of about 7.84 billion shares.