S&P 500 ends at seven-month high

The S&P 500 has closed at a seven-month high as Federal Reserve Chair Janet Yellen painted a ordinarily upbeat photo of the economy however gave little experience of whilst a rate hike may be coming.

energy stocks also boosted the marketplace on Monday after oil ended higher for a 3rd instantly consultation. The S&P energy index rose 2 in keeping with cent, leading profits within the benchmark S&P 500.

Yellen's comments, which have been likely her ultimate public feedback earlier than a coverage assembly subsequent week, followed Friday's dismal month-to-month jobs file, which raised worries over the capability of the financial system to soak up a charge hike as early as June.

Yellen known as the jobs record "disappointing," but stated "one have to no longer attach too much importance to a single document."

Her feedback seemed to ease some clean concerns approximately the financial system while also underscoring views the Fed can be in no rush to elevate rates.

"I assume she's nonetheless dedicated to rate hikes, however she is emphasising there may be now not a timetable. She failed to say 'in the following few months,' which is dovish," said Bucky Hellwig, senior vice president at BB&T Wealth control in Birmingham, Alabama.

In phrases of rate hike, he stated, "we're not speakme about June or July however perhaps later this 12 months" now.

The Dow Jones commercial common closed up 113.27 factors, or zero.sixty four in keeping with cent, to 17,920.33, the S&P 500 won 10.28 points, or 0.49 in keeping with cent, to two,109.41, its highest near in seven months.

The Nasdaq Composite introduced 26.20 factors, or 0.53 per cent, to 4,968.seventy one.

The gains driven the market a bit toward all-time highs ultimate reached in may 2015. The S&P 500 is now just about 21 points shy of its all-time remaining excessive.

Biotech stocks jumped, with the Nasdaq Biotech Index up 1.5 in line with cent.

Kite Pharma rose 10.three in step with cent to $US57.forty two while Juno Therapeutics won 10.five per cent to $US48.50. both stated they may acquire preliminary regulatory approvals subsequent year for a sort of immunotherapy treatment called chimeric antigen receptor T-cellular (automobile-T) treatments.

approximately 6.four billion shares modified fingers on US exchanges, below the 6.nine billion each day average for the beyond 20 buying and selling days, consistent with Thomson Reuters statistics.

Advancing problems outnumbered declining ones at the NYSE by using 2,119 to 928, for a 2.28-to-1 ratio on the upside; at the Nasdaq, 2,014 issues rose and 830 fell for a 2.forty three-to-1 ratio favouring advancers.

The S&P 500 posted 39 new fifty two-week highs and one new lows; the Nasdaq recorded 90 new highs and 29 new lows.