On Tuesday, U.S. stocks rose after new Federal Reserve Chair Janet Yellen addressed Congress and reinforcing the central bank’s plan to cut its stimulus. She also noted that the labor market conditions needed to improve.
MrStoStep.com‘s financial news partner Yahoo! Finance reported: “In her first public comments as Fed chief, Yellen emphasized continuity in the Fed’s policy strategy, saying she strongly supports the approach of her predecessor, Ben Bernanke.”
Yahoo! Finance also stated that Ken Polcari, Director of the NYSE floor division at O’Neil Securities in New York took note of Yellen’s presence and her speech’s impact on Tuesday’s stocks: “They are apparently loving what Janet Yellen has to say which is really, ‘hold the course steady, here is what I am.’ She is not any different than what they expected her to be,” said Polcar as written in Yahoo! Finance.
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