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BLBG: U.S. Stocks Advance With Banks as Yellen Eyes More Rate Hikes
 
U.S. stocks reversed early losses to extend a rally into a sixth day as Federal Reserve Chair Janet Yellen told Congress more interest-rate hikes would be appropriate if the U.S. economy stays on course.

The S&P 500 Index added 0.4 percent to 2,338, a record high, at 4 p.m. The benchmark is up 1.8 percent over the six-day period, the longest advance since Dec. 9. The Dow Jones Industrial Average added 92 points to 20,504.

Financial shares up 1.2%; bank stocks in S&P 500 29% since election
Real estate, utility and telecommunications down at least 0.1% as the 10-year Treasury weakens for a fourth session, trading at 2.472%
VIX drops to 10.8
Momentum in S&P 500 stocks heating up, with 15% of companies in the index trading above a 14-day RSI level of 70, considered overbought by technical analysts
That’s the highest level of overbought shares since Dec. 13
Attention shifted to Yellen’s first appearance before Congress since Trump was sworn in, as investors looked for insight on whether the Fed will accelerate monetary tightening
ECONOMY:
U.S. wholesale prices jumped in January by 0.6%, the most since September 2012, led by higher costs of gasoline and indicating inflation is beginning to stir
Small-business optimism continues to run hot, boosted by the new administration’s pledge to revoke two regulations for every new one issued
EARNINGS:
After-market Tuesday: American International Group (AIG), Express Scripts Holding (ESRX), Agilent Technologies (A), LendingClub (LC), Diamondback Energy (FANG), Devon Energy (DVN)
Pre-market Wednesday: Hilton Worldwide Holdings (HLT), Huntsman (HUN), Targa Resources (TRGP), US Foods Holding (USFD), Och-Ziff Capital Management (OZM), Entergy (ETR), PepsiCo (PEP), Wyndham Worldwide (WYN), Analog Devices (ADI), Medicines (MDCO), Smart Sand (SND)
The Stoxx Europe 600 Index closed up less than 0.1%
Source