The following is an excerpt from SAUMYA VAISHAMPAYAN and RIVA GOLD | March 30, 2016 | WSJ.com |
Advances by technology shares led U.S. stocks higher Wednesday, with the Dow industrials logging their fourth consecutive session of gains.
The bulk of the move came after Federal Reserve Chairwoman Janet Yellen on Tuesday signaled a slower path for interest-rate increases. Low rates have boosted risky assets such as stocks in recent years.
The Dow Jones Industrial Average has posted 17 daily gains so far in March, for the most positive sessions in a month in six years. The blue-chip index has rallied 7.3% so far this month.
The size of daily moves has diminished from early this year. The Dow and S&P 500 haven’t moved 1% on a closing basis since March 11, and trading volumes have been low.
Charlie Smith, chief investment officer of Fort Pitt Capital Group, said he bought stocks earlier this year but hasn’t done much recently. “We’re not finding a whole lot of bargains out there,” he said, adding he believes short-term momentum investors have been driving the market rally.
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