U.S. stocks posted gains on Wednesday as investors continued to assess Federal Reserve Chair Janet Yellen's remarks on monetary policy.
The Dow Jones Industrial Average rose 56.39 points, or 0.25 percent, to 22,340.71. The S&P 500 added 10.20 points, or 0.41 percent, to 2,507.04. The Nasdaq Composite Index jumped 73.10 points, or 1.15 percent, to 6,453.26.
Yellen said Tuesday that the case for a gradual pace of adjustments is strengthened in the face of significant uncertainties and that the Fed should be wary of moving too gradually.
"Janet Yellen pushed for continued tightening of U.S. interest rates yesterday even as she acknowledged the possibility there might be something holding inflation lower than expected that is missing from Fed models," said Chris Low, chief economist at FTN Financial, in a note Wednesday.
Meanwhile, investors kept a close eye on the tax reform plan.
Republicans unveiled sweeping changes to America's tax code Wednesday in a proposal that dramatically lowers taxes on businesses and many households but remains silent on thorny issues such as how to pay for it all, according to CNBC.
On the economic front, U.S. new orders for manufactured durable goods in August increased 3.9 billion U.S. dollars or 1.7 percent to 232.8 billion dollars, beating market consensus, the Commerce Department announced Wednesday.
The Pending Home Sales Index retreated 2.6 percent from 109.1 in July to 106.3 in August, missing market estimates, according to the National Association of Realtors Wednesday.
In corporate news, shares of Nike dropped 1.92 percent to 52.67 dollars apieceWednesday after the sneakers giant delivered quarterly earnings that beat forecasts, but revenues shy of expectations.
The Dow Jones Industrial Average rose 56.39 points, or 0.25 percent, to 22,340.71. The S&P 500 added 10.20 points, or 0.41 percent, to 2,507.04. The Nasdaq Composite Index jumped 73.10 points, or 1.15 percent, to 6,453.26.
Yellen said Tuesday that the case for a gradual pace of adjustments is strengthened in the face of significant uncertainties and that the Fed should be wary of moving too gradually.
"Janet Yellen pushed for continued tightening of U.S. interest rates yesterday even as she acknowledged the possibility there might be something holding inflation lower than expected that is missing from Fed models," said Chris Low, chief economist at FTN Financial, in a note Wednesday.
Meanwhile, investors kept a close eye on the tax reform plan.
Republicans unveiled sweeping changes to America's tax code Wednesday in a proposal that dramatically lowers taxes on businesses and many households but remains silent on thorny issues such as how to pay for it all, according to CNBC.
On the economic front, U.S. new orders for manufactured durable goods in August increased 3.9 billion U.S. dollars or 1.7 percent to 232.8 billion dollars, beating market consensus, the Commerce Department announced Wednesday.
The Pending Home Sales Index retreated 2.6 percent from 109.1 in July to 106.3 in August, missing market estimates, according to the National Association of Realtors Wednesday.
In corporate news, shares of Nike dropped 1.92 percent to 52.67 dollars apieceWednesday after the sneakers giant delivered quarterly earnings that beat forecasts, but revenues shy of expectations.
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