Reassuring words from the new head of the Federal Reserve sent stocks soaring on Tuesday and gave the market its longest winning streak this year.
Fed Chair Janet Yellen said she would continue the central bank’s market-friendly, low-interest rate policies. Investors also welcomed news that Congress appeared poised to raise the U.S. borrowing limit without the political drama that happened late last year.
The Dow Jones industrial average gained 192.98 points, 1.2 percent, to 15,994.77.
The Standard & Poor’s 500 index rose 19.91 points, or 1.1 percent, to close at 1,819.75.
The Nasdaq composite was up 42.87 points, or 1 percent, to 4,191.04.
For the week so far:
The Dow is up 200.69 points, or 1.3 percent.
The S&P 500 is up 22.73 points, or 1.3 percent.
The Nasdaq has risen 65.19 points, or 1.6 percent.
For the year so far:
The Dow is down 581.89 points, or 3.5 percent.
The S&P 500 is down 28.61 points, or 1.5 percent.
The Nasdaq is up 14.46 points, or 0.4 percent.