Fed Chair Janet Yellen is expected to avoid sending any market-moving signals about monetary policy when she speaks on Friday morning at the Kansas City Fed’s Economic Policy Symposium in Jackson Hole, Wyo. But that won't stop investors from parsing Yellen's every word to figure out what the Fed might do next.
Stocks around the globe headed upward on Tuesday, with European bourses breaking a three-day losing streak, boosted by rising commodity and metals prices and U.S. stocks underpinned by bargain hunting. London copper (CMCU3) rose to a three-year high, zinc (CMZN3) held close to its highest in a decade and nickel (CMNI3) reached a 2017 high as mostly technical signals prompted speculators and funds to pour more cash into base metals. "There's nothing really fundamental to drive things onwards from here, so I think it's a bit of misplaced euphoria and trend-following buyers jumping on the bandwagon," said Robin Bhar, head of metals research at Societe Generale in London.
Stocks are heading higher today on reports that the Trump administration is making progress on tax reform. The S&P 500 has risen 0.6% to 2,443.98, while the Dow Jones Industrial Average has advanced 131.32 points, or 0.6%, to 21,835.07. The Nasdaq Composite has gained 0.9% to 6,269.26.