The Dow Jones Index closed with marginal gains of 0.06%, to settle at 34,133.03 points. Its record stands at 34,256.75 points and was reached on April 16th.
The S&P 500 fell 0.67% to 4,164.66 points, after last Thursday, April 29th, after setting the new historic maximum at 4,218.78.
For its part, the technology NASDAQ Composite Index decreased 1.88% to 13,633.50 points.
The Nasdaq was, as it was yesterday, the most compressing index, due to losses from some of the fastest growing stocks, as attention shifted from investors to cyclical stocks gaining more as economies reopen. Continue. But after Yellen’s words, the retreat was even more pronounced.
US stock exchanges, which were already in the red, intensified their losses, with an even bigger showing in the technology index. But in the last few minutes of trading, they have managed to distance themselves from session lows and the Dow is still hitting positive ground.
US Treasury Secretary Janet Yellen acknowledged at a seminar organized by The Atlantic that interest rates may have to be raised in order to contain the overheating of the economy – as a result of the latest stimulus already approved under the Biden administration.
“Interest rates may have to rise slightly to ensure that our economy does not overheat, although additional consumer spending is relatively low compared to the size of the economy,” Yellen said.