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Dow sets record-high close; Fed signals gradual rate hikes

Reuters  |  NEW YORK 

By Kimberly ChinNEW YORK (Reuters) - The Dow rose to a record high close while U.S. stocks kept their upward momentum Wednesday following Federal Reserve Chair Janet Yellen's congressional testimony to gradually raise interest rates.Yellen's speech was a nod to Wall Street as the Fed signalled it will gradually tighten policy and gradually unwind its massive balance sheet. A neutral interest rate level refers to one that neither encourages nor discourages economic activity. Investors cheered Yellen's dovish tone, alleviating some concerns over the recent dip in inflation."People were worried ...

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First Published: Thu, July 13 2017. 02:59 IST