Yellen confirmed as Fed Chairman by Senate

Tuesday, January 07, 2014

Janet Yellen has been confirmed as chairman of the Federal Reserve by the US Senate in a 56-26 vote, becoming the first woman to head the central bank. However records indicate that she garnered the least support from the senate when compared to past chairmen, indicating that the highly politicised environment will present many challenges at a time where the Fed balance sheet has increased to $4 trillion.

Wall Street drifted lower yesterday as lacklustre ISM non-manufacturing data weighed heavy on markets, leading the S&P 500 to decline for a third straight session. Both the DJIA and S&P 500 spent the majority of the session under pressure as the ISM non-manufacturing index dropped to 53 from 53.9 the previous month, closing 0.27% and 0.25% lower respectively.

European stocks opened relatively flat this morning as market participants anticipate German unemployment data and eurozone inflation figures. London’s blue chip index struggled to open in positive territory, swinging between gains and losses ahead of the release.

S&P 500 declines for the third straight session, pulling back from record highs

SPX Index SP 500 Index Daily 2014 01 07 09 03 09

Events for today: Tuesday, 07 January 2014

0855

DE

Dec

Unemployment rate

1000

EZ

Dec

Inflation flash

1500

US

Jan

IBD Sentiment

OE:

Jan Gasoil (ICE)

View Economic Market Calendar

Topics: DJI, SP 500, US Fed
More from: Kash Kamal