Wednesday June 22, 2016 – U.S. stocks rose Wednesday, but investors avoided big moves one day before the U.K.’s vote on membership in the European Union.
The stakes for financial markets, at least in the short term, appear to be high. Stocks, bonds and currencies around the world have recently moved in lockstep with expectations around Thursday’s U.K. referendum, with risky assets like stocks and oil gaining when polls and betting firms suggest a victory for the “Remain” camp, but falling when the odds appear to favor the “Leave” campaign.
Federal Reserve Chairwoman Janet Yellen said Tuesday that the U.K.’s decision “could have significant economic repercussions,” as she began two days of testimony to Congress, which she continued Wednesday.
The Dow Jones Industrial Average rose 63 points, or 0.4%, to 17893. The S&P 500 gained 0.4% and the Nasdaq Composite Index added 0.5%.
Health-care stocks led the S&P 500’s move up, gaining 1.2%.