New Federal Reserve Chairman Janet Yellen told a Congressional committee on Tuesday that she intends to maintain her predecessor’s plan to taper the central bank's pace of bond purchases.
The comment helped push US Treasuries down on Tuesday, the 10-year yield rising six basis points to 2.73 percent.
However, US stocks rose, the S&P 500 rising 1.1 percent.
Stocks rose despite a “scary” chart that has been making the rounds on Wall Street. As noted by Mark Hulbert, the chart shows that the market's recent gyrations have been very similar to those made just before the 1929 crash.
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