U.S. stocks closed at highs on Tuesday as Fed Chair Janet Yellen’s congressional testimony indicated that a rate hike would likely come later rather than sooner.
The testimony has “certainly got something for everyone on the market today. It’s right down in the middle of the fairway and leaves the window open for a June or September (rate hike),” said Art Hogan, chief market strategist at Wunderlich Securities.
Stocks climbed to new records amid Yellen’s remarks to the Senate Banking, Housing and Urban Affairs Committee on Tuesday. She will address the House Financial Services Committee on Wednesday.