U.S. equities closed higher in the stock market today as investors continue to react to fading odds of a “Brexit” vote on June 23 — that is, a vote by the British to leave the European Union. New polls after the close confirmed that the momentum has shifted to the “Remain” campaign.
Treasury bonds were weaker as “safe haven” inflows faded, the dollar weakened, gold lost 0.2% and crude oil gained 2.9%.
Industrials led the market higher, rising 0.9%. Defensive telecoms and utilities were the laggards. Vale SA (ADR) (NYSE:VALE) gained 3.6% on reports it was in talks with Asian miners on a possible sale of its Brazilian iron-ore assets.
Tomorrow, all eyes will be on Federal Reserve Board Chair Janet Yellen as she gives her semiannual testimony to Congress.
She is likely to reiterate the takeaways from the June policy meeting last week: That the Fed remains in wait-and-see mode despite a forecast for two quarter-point rate hikes this year.
For now, the technical stalemate continues as the Dow remains between resistance near 18,000 and support near 17,500.