US Mid-Session 11 Feb 16: The prospect of a US rate rise reducing after Yellen’s comments lifts markets

US sharemarkets were mixed on Wednesday with investors comforted by Janet Yellen's comments on the economy.  Healthcare and technology stocks led the gains. With an hour of trade to go, the Dow Jones was down by 8 points or 0.1% after being up by 187 points in the morning session. The S&P 500 index was up by 0.6% and the Nasdaq gained 45 points or 1.0%.

 The US Federal Reserve chair, Janet Yellen, provided testimony to Congress.  Yellen pointed to the improvement of the job market and said she expected that economic growth would lift this quarter after a December quarter slowdown. But Yellen also noted that "financial conditions have tightened considerably." The Fed chair emphasised that rates weren't on a "pre-set course" at that the pace of tightening would slow "if the economy were to disappoint".

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