(Bloomberg) -- U.S. stocks fluctuated while Treasuries fell as Federal Reserve Chair Janet Yellen told lawmakers the central bank must press on with stimulus. The pound gained, oil slid and corn dropped to near a four-year low.
The Standard & Poor’s 500 Index fell less than 0.1 percent at 10:31 a.m. in New York. The Russell 2000 Index of small companies sank 0.6 percent after a Fed report said valuations of some biotechnology and social media stocks may be “stretched.” JPMorgan Chase & Co. and Goldman Sachs Group Inc. rose at least 0.8 percent after the banks reported better-than-estimated earnings. U.S. crude fell below $100 a barrel for the first time since May. The yield on 10-year Treasury notes fell to near the lowest in six weeks. Corn fell 0.8 percent.
JPMorgan Chase climbed 3.9 percent and Goldman Sachs rose 0.8 percent to lead an index of banks to the biggest advance in the S&P 500. Both firms reported fixed-income revenue that topped estimates. Banks have seen profits hurt in recent quarters as the Fed slows its bond buying and fixed-income clients make fewer bets amid low volatility.
Britain’s pound advanced 0.5 percent to $1.7163 and added 0.6 percent to 79.26 pence per euro. The Office for National Statistics said annualized U.K. inflation was at 1.9 percent in June from 1.5 percent the prior month. That compares with 1.6 percent forecast by analysts in a Bloomberg survey.
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