SINGAPORE (July 17): Global stocks rallied and US equities reached record highs after US Federal Reserve chair Janet Yellen said the Federal Reserve would be mindful of economic data as it raises interest rates and shrinks its balance sheet. The Standard & Poor’s 500 index rose 0.7% to 2,443.25 points on July 12, with the real estate and IT sectors taking the lead. The Dow Jones Industrial Average reached an intraday record high of 21,580.79 points, before ending the day 0.6% higher at 21,532.14 points. Meanwhile, the Nasdaq Composite Index rose 1.1% to 6,261.17 points.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $99.9/year*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

Subscribe