Filed Under:Life Insurance, Life Planning Strategies

U.S. stocks fluctuate with bonds on Yellen remarks

Yellen said in her semi-annual testimony to Congress that “significant slack” remains in labor markets.
Yellen said in her semi-annual testimony to Congress that “significant slack” remains in labor markets.

(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.

The S&P 500 climbed 0.5 percent yesterday, the most since July 3, to rebound from its worst week since April. Profit at S&P 500 companies probably rose 4.5 percent in the three months through June while sales advanced 3.1 percent, analyst estimates compiled by Bloomberg show.

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.

Pound, Dollar

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.

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Featured Video

Most Recent Videos

Prospects not listening to voice mail? Arrange a phone date


Redesigning your phone life is more important than finding the “best words” for a voice mail in today’s culture.

Behind the scenes with Vicki Gunvalson [VIDEO]


In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI


Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's


An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Related resources

More Resources


Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.