U.S. stocks rose today due to Yellen’s nomination as the next Federal Reserve chief was approved by the Senate Banking Committee. The reason this effects stocks is because Janet Yellen supports the $85 Billion stimulus that is currently being pumped into the economy so thats why Wall Street is in favor of Yellen becoming the next Federal Reserve chief. She will next face the full Senate for final confirmation and is expected after Thanksgiving.
Initial jobless claims for the week of Nov. 16 fell by 21,000 to 323,000, which was better than the 335,000 economists were expecting. Which brought optimism into the market as investors cheered on while DOW JONES breaks 16,000!
The Dow rose 109.17 points, or 0.69%, to close at 16009.99, its 40th record close this year. The S&P 500 rose 14.48 points, or 0.81%, to close at 1795.85 and the Nasdaq Composite Index was up 47.88, or 1.22%, to close at 3969.15.