Last Monday, stocks closed higher as investors watch Yellen’s appearance before Congress for signs of the Fed’s $85 billion bond buying program. Despite the rally, stock indexes are still negative for 2014. Job data showed that the US Economy added 113,000 jobs in January and unemployment dipped to 6.6%, the lowest rate since the 2008 global financial crisis. On Wednesday, Congress passed legislation allowing the US to continue to raise the debt ceiling until March 2015, this move backed by many Republicans is a sign of compromise within Congress and mutual compromise from both parties. For the week, the Dow Jones and S&P 500 each rose 2.3 percent, and the NASDAQ climbed 2.9 percent. By Friday’s close, the three stock indexes had scored their biggest weekly percentage gains of 2014 and their first back-to-back weekly gains this year.
Weekly Market Wrap Up, February 14, 2014
Article submitted by: J. Camilo Parra and David Gomez of the Capital Markets Lab (CML). To learn more about the Capital Markets Lab (CML) please visit https://business.fiu.edu/capital-markets-lab/.