The closely watched S&P 500 Stock Index hit yet another milestone yesterday, closing at a record high of 1,790 and has risen a whopping 25% this year. The gains come on the heels of an improving economy, solid corporate earnings and the Federal Reserve's ongoing stimulus program. The S&P 500 is widely regarded as the best single gauge of large cap U.S. equities. The index includes 500 leading companies and is considered a bellwether for the U.S. economy.
In economic news, the New York State Empire Manufacturing Index disappointed investors this morning when the data was released. The index fell by -2.2 versus the expectations of 4.3 with the employment component also declining and falling to 0.0. The declines were unexpected, but given that the northeast is not a big manufacturing region, it may not suggest that national manufacturing is declining.
Incoming Federal Reserve (the Fed) Chief Janet Yellen, was on Capitol Hill yesterday at her confirmation hearing and is set to become one of the most important financial figures in the world. Ms. Yellen will become the first chairwoman of the Fed in its near 100-year history. Ms. Yellen, 67, was born and raised in Brooklyn, New York and attended Brown University (B.A) and Yale University (Ph.D).
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