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U.S. stocks cut earlier gains as Yellen continues testimony

English.news.cn   2014-07-17 07:25:31

NEW YORK, July 16 (Xinhua) -- U.S. stocks pared earlier gains Wednesday, as Federal Reserve Chair Janet Yellen continued her semi-annual congressional testimony.

"Some things may be on the high side and there may be some pockets where we see valuations becoming very stretched but not generally," the Fed chief said Wednesday morning before the House Financial Services Committee, a day after she voiced concerns over valuations in the social media and biotech sectors in her testimony to the Senate Banking Committee.

With investors digesting Yellen's remarks, the stock market seemed losing upward momentum a little bit, trimming gains in early morning session.

The Dow Jones Industrial Average hit a fresh record intraday high of 19,138.81 points shortly after the opening bell, extending its record rally into a third straight day, with investor sentiment boosted by upbeat corporate earnings.

Bank of America reported Wednesday a net income of 2.3 billion U.S. dollars for the second-quarter of the year, down 43 percent from a year ago, hurt by a 4.0 billion-dollar litigation expense. Its revenue for the quarter was 22.0 billion dollars, lower than last year but topping analysts' expectations.

Tech giant Intel reported late Tuesday better-than-expected earnings and revenues in the second quarter while issuing positive guidance on its third-quarter revenues.

On the economic front, U.S. producer price index for final demand rose a seasonally adjusted 0.4 percent in June, said the U. S. Labor Department Wednesday, topping market consensus of a 0.3- percent gain.

Meanwhile, U.S. home builder confidence in the market for newly- built single-family homes rose four points to 53 in July, according to the National Association of Home Builders/Wells Fargo Housing Market Index. The latest data surpassed the key threshold of 50, which indicates that more builders view sales conditions as good than poor.

In midday, the Dow jumped 42.05 points, or 0.25 percent, to 17, 102.73. The S&P 500 rose 4.05 points, or 0.21 percent, to 1,977.33. The Nasdaq Composite Index added 8.05 points, or 0.18 percent, to 4,424.44.

Editor: An
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