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Wall Street is recovering from Yellen’s stock market

The Dow Jones Index closed at 0.29%, to settle at 34,230.34, a record closing level. During the session, it reached a historic high of 34331.20 points.

The S&P 500 advanced 0.07% to 4,167.59 points, after last Thursday, April 29th, after setting the new historic maximum at 4,218.78.

In contrast, the Nasdaq Technology Index fell 0.37% to 13,582.42 points.

The Nasdaq has been pressured by losses in most of the fastest-growing stocks, as investors continue to shift attention to cyclical stocks gaining more as economies reopen.

Rest of the indices managed to recover from yesterday’s lows, when Janet Yellen’s comments scared investors off.

The US Treasury secretary acknowledged that interest rates may have to be raised in order to contain the overheating of the economy – due to the latest stimulus, already approved under the Biden administration – that has shaken the market.

“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.

In the meantime, however, Yellen maintained his remarks today, asserting that the Fed is independent and that it is not making forecasts or recommendations – which made investors sigh of relief.

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