The Nasdaq rose for the tenth time in a row, while the Dow and S&P 500 hit new records after Fed Chair Janet Yellen testified before Congress. Bobbi Rebell reports.
Stocks rose after Fed chair Janet Yellen's congressional testimony where she said the central bank is preparing to consider interest rate hikes on a meeting-to-meeting basis. The Dow and S&P 500 closing at record levels. The Nasdaq rising for the tenth session in a row, the longest winning streak since July of 2009. As for worries about a bubble for that index? BlackRock global chief investment strategist Ross Koesterich: SOUNDBITE: ROSS KOESTERICH, CHIEF INVESTMENT STRATEGIST, BLACKROCK (ENGLISH) SAYING: "Back then, the Nasdaq Composite was trading at about 175 times trailing earnings. If you look at the Nasdaq Composite today, it's about 30 times trailing earnings, which is actually a bit below the median of the last 20 years." After the closing bell, Hewlett Packard results getting hit by the strong dollar and weak demand from corporate customers. Revenues falling short of forecasts, though overall earnings just barely beat estimates. HP also cutting its guidance for the year. Pulling up the Dow and S&P: Home Depot. The world's largest home improvement retailer says it'll hike its dividend and buy back more shares. Its quarterly profit easily beat estimates. JPMorgan Chase's shares rose. The Wall Street Journal says the bank will begin charging deposit fees to some big clients. Separately, the bank says it plans to cut $1.4 billion in annual expenses. Economic news was mostly positive. Consumer confidence fell this month, but the services sector expanded, and home prices in major metro areas rose in December. European investors liked Yellen's timetable. The FTSE 100 and DAX rose to record highs. But they couldn't outdo Greek stocks, which soared after Athens delivered a list of economic reforms to the euro zone.