The main US stock indexes completed the session in positive territory

The major US stock indices rose significantly, with the Dow reaching record highs after Federal Reserve Chairman Janet Yellen said interest rate hikes will be gradual.

In her prepared notes, Ms. Yellen noted that the labor market continues to strengthen, and the economy appears to be growing at a moderate pace, while inflation remains below the Fed's long-term goal of 2%. She also noted that the FOMC still believes that a further gradual rate increase may be appropriate in the next few years to achieve and maintain maximum employment and stable prices.

Attention of market participants also attracted the Fed's Beige Book, which reported that the labor market situation continued to improve, but the price pressure in most regions was moderate. According to the Fed, in June the growth rate of economic activity in 12 regions ranged from weak to moderate. In 6 regions, economic growth was small, in 4 regions - moderate, in 2 regions - weak. Meanwhile, many regions expect a slight or moderate increase in economic activity in the coming months.

The price of oil rose sharply after the data indicated a major drop in oil reserves in the US, but soon lost most of the earned positions, as investors switched their attention to the next increase in oil production in the US. The US Energy Ministry reported that in the week of July 1-7, oil reserves fell by 7.564 million barrels to 495.35 million barrels. Analysts had expected a reduction of only 3.225 million barrels.

Almost all components of the DOW index recorded a rise (29 out of 30). The leader of growth was the shares of E. I. du Pont de Nemours and Company (DD, + 2.82%). Outsider were the shares of JPMorgan Chase & Co. (JPM, -0.22%).

All sectors of S & P completed the auction in positive territory. The technological sector grew most (+ 1.4%).

At closing:

DJIA + 0.58% 21.532.65 +123.58

Nasdaq + 1.10% 6,261.17 +67.86

S & P + 0.74% 2.443.38 +17.85