Stocks Reach New High After Yellen’s Comments

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The S&P 500 continued its record rise Thursday following Federal Reserve Chair nominee Janet Yellen’s comments that she would continue the federal stimulus package.

“It’s important not to remove support, especially when the recovery is fragile and the tools available to monetary policy, should the economy falter, are limited given that short-term interest rates are at zero,” Yellen said at the Senate Banking Committee hearing.

The S&P 500 rose 0.5% to 1,790.62, a new record, while the Dow Jones Industrial average rose 54.59 points to 15,876.22, also a record, Bloomberg Businessweek reports.  This is the fifth record for the Dow Jones in the last seven trading days.