S&P 500 ends at record and up for 2014
“The market was worried. She could have excluded weather and perhaps talked more about the soft patch,” said Quincy Krosby, market strategist at Prudential Financial, which is based in Newark, New Jersey.
Testifying before the Senate Banking Committee, Yellen also said the Fed would watch carefully to ensure weather was indeed the culprit behind the recent weakness. But she said it would take a “significant change” to the economy’s prospects for the central bank to put plans to reduce its bond-buying program on hold.
Mylan Inc gave one of the biggest boosts to both the S&P 500 and Nasdaq. Mylan’s shares shot up 9.4 percent to end at $56.27 after the U.S. generic drugmaker gave a 2014 forecast above Wall Street’s estimates. Mylan also said it plans to make a “substantial” transaction this year that would add to future earnings.
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