After Federal Reserve Chairman Ben Bernanke commented that an accommodative monetary policy is still a necessity, major indices jumped by over 1 percent, with the S&P 500 reaching towards its highest level since May of 2008. Pending home sales were down 0.5 percent month over month in February, but were up 9 percent year over year. In corporate news, Yahoo (YHOO) appointed three new members to its board, as it continues its ongoing struggle to regain profitability. American Express (AXP) announced that it would be raising dividends by 11 percent, the first increase since 2007.
Word on the Street
- The S&P 500 approached a 4-year high today.
- Pending home sales were down month over month.
- In commodities, soy hit a half year high, while corn prices softened.
- The European Central Bank chief argued that their emergency loans would not create inflation.
- Yahoo (YHOO) has named three new board members.
- American Express (AXP) increased its dividends for the first time in years.