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


(The story was refiled to correct paragraph 4 to say North, not South Carolina)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, ...

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First Published: Thu, July 13 2017. 02:28 IST