US stocks drift higher as Yellen testifies before Congress

Global Business

Janet Yellen Federal Reserve Board Chair Janet Yellen prepares to testify on Capitol Hill in Washington, Tuesday, Feb. 24, 2015, before the Senate Banking Committee. (AP Photo/Susan Walsh)

Major U.S. stock indexes edged higher in morning trading Tuesday as investors monitored Federal Reserve Chair Janet Yellen’s remarks before Congress on interest rate policy and the economy.

CCTV’s Daniel Ryntjes filed this report from Washington

US stocks drift higher as Yellen testifies before Congress

US stocks drift higher as Yellen testifies before Congress

Major U.S. stock indexes edged higher in morning trading Tuesday as investors monitored Federal Reserve Chair Janet Yellen’s remarks before Congress on interest rate policy and the economy.

Strong earnings from Home Depot and positive developments in Greece’s efforts to secure an extension of its financial rescue program also helped lift the market.

In remarks to Congress, Federal Reserve Chair Janet Yellen said the central bank remains “patient” in deciding when to start raising interest rates. She noted that many Americans remain unemployed, wage growth remains sluggish and inflation is running below the Federal Reserve target. That means a rate increase is unlikely for at least the next two meetings, she said.

Yellen’s testimony supports the view that a rate increase is not likely before June or even later this year. The Fed has kept its benchmark rate near zero since 2008.


Lynn Franco of Conference Board discusses consumer confidence

CCTV America’s Michelle Makori spoke with Lynn Franco who is an Economist at The Conference Board about how and when the Federal Reserve plans to raise rates.

Lynn Franco of Conference Board discusses consumer confidence

Lynn Franco of Conference Board discusses consumer confidence

CCTV America's Michelle Makori spoke with Lynn Franco who is an Economist at The Conference Board about how and when the Federal Reserve plans to raise rates.


Robert Shiller of Yale discusses US economy

CCTV also spoke with Economist Robert Shiller who explains why Europe is the place to invest, as U.S. stock values soar.

Robert Shiller of Yale discusses US economy

Robert Shiller of Yale discusses US economy

CCTV also spoke with Economist Robert Shiller who explains why Europe is the place to invest, as U.S. stock values soar.