US Stocks consolidate gains after Yellen, modestly lower for the week

US stocks are consolidating daily gains but off highs. Equity indexes remained in positive territory after a presentation from Janet Yellen. Federal Reserve Chair said there are plausible ways that a “high-pressure economy” could have long-term benefits. 

The Dow Jones peaked on Friday at 18,260 and during the last hours, it stabilized around 18,170; up 0.40% for the day. Equity prices are sill headed toward a modesty weekly decline. On Thursday the Dow fell momentarily below the 18,000 mark for the first time in a month, before bouncing to the upside. 

In the currency market, the US dollar is up against its European rivals and the yen but is losing ground versus commodity currencies, that gained momentum amid risk appetite across global markets. In the bond market, the US 10-year yield is at daily highs at 1.787% while the 30-year yield climbed to 2.555%, the highest level since June. 

Regarding US economic data today’s releases included retail sales, that rose 0.6% in September, matching consensus estimates and rebounding after the 0.2% decline in August; the PPI index came in at 0.7% (annual rate) in September, surpassing expectations of a 0.6% rise and consumer confidence (University of Michigan - preliminary -) dropped from 91.2 to 87.1, market consensus pointed to a rise to 91.9.