US STOCKS-Wall Street gets lift from Yellen remarks, tech rebound

lunes 31 de marzo de 2014 11:07 GYT
 

* Yellen says central bank commitment needed for some time

* Prana Biotech tumbles after Alzheimer's drug study results

* Chicago PMI hits lowest level since August

* Indexes up: Dow 0.85 pct, S&P 0.82 pct, Nasdaq 1.16 pct (Updates to open, adds quote, data, Yellen comments)

By Chuck Mikolajczak

NEW YORK, March 31 (Reuters) - U.S. stocks rose on Monday, putting the S&P 500 on track for a second straight advance, led by technology and financial shares following comments from Federal Reserve Chair Janet Yellen.

Each of the 10 major S&P indexes was in positive territory, led by technology, up 1.1 percent, and financials , up 1 percent. Microsoft Corp gained 2.3 percent to $41.22 and JPMorgan Chase & Co rose 1.5 percent to $60.96 as the two biggest boosts to the S&P 500.

Yellen said the U.S. central bank's "extraordinary" commitment to boosting the economy, especially the still struggling labor market, will be needed for some time to come.

"I don't think she is going to be pull back on the taper, she is just being realistic in recognizing the fact things are still slow, but they are going to continue down the path," said Ken Polcari, Director of the NYSE floor division at O'Neil Securities in New York.   Continuación...