After The Bell: Stocks Higher On Yellen's Dovish Remarks
(CBS) -- Stocks closed higher Tuesday, led by gains in the tech heavy NASDAQ, as investors digested dovish remarks from Fed Chair Janet Yellen. The S&P 500 gained 17, the NASDAQ added 79 and the Dow Jones industrial average closed up nearly 98 points, settling to 17,633.
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"Kind of quiet trading in advance of Yellen's speech and then almost a relief rally after. It didn't really matter what she said per se, as much as she maybe threw some cold water on the fact of an April rate hike," says Michael Cuggino, president and portfolio manager at Permanent Portfolio Funds. "We're still maybe on board for two rate hikes this year, but that's not guaranteed either."
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