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US: Dow closes at record as Yellen pledges gradual rate hikes


[NEW YORK] The Dow surged to a record on Wednesday as US stocks welcomed congressional testimony by Federal Reserve Chair Janet Yellen reiterating the pledge to gradual interest rate increases.

At the closing bell, the blue-chip index stood at 21,534.22, up 0.6 per cent.

The broad-based S&P 500 gained 0.7 per cent to 2,443.48, while the tech-rich Nasdaq Composite Index jumped 1.1 per cent to 6,260.55.


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