Courtesy of John Nyaradi.

Janet Yellen’s testimony before the Senate Banking Committee sent the stock market climbing higher on Thursday.

The stock market was obviously pleased by the performance of Janet Yellen, President Obama’s nominee to the position of Federal Reserve Chair, before the Senate Banking Committee on Thursday.  Because Yellen’s prepared testimony was available at the Federal Reserve website on Wednesday evening, investors were already primed for some testimony about continued accommodative monetary policy.

The Dow Jones Industrial Average (NYSEARCA:DIA) picked up 54 points to finish Thursday’s trading session at a new record-high close of 15,876.22 for a 0.35 percent advance.  The Dow also hit a new record intraday high of 15,884.99.  The S&P 500 (NYSEARCA:SPY) climbed 0.48 percent to close at a new record high of 1,790.62 after hitting a new record intraday high of  1791.53.

The Nasdaq 100 (NASDAQ:QQQ) advanced 0.28 percent to finish at 3,415.  The Russell 2000 (NYSEARCA:IWM) declined 0.07 percent to 1,111.

In other major markets, oil (NYSEARCA:USO) rose 0.09 percent to close at $33.93.

On London’s ICE Futures Europe Exchange, January futures for Brent crude oil advanced $1.14 (1.07 percent) to $108.05/bbl. (NYSEARCA:BNO).

December gold futures advanced $18.30 (1.44 percent) to $1,286.70 per ounce (NYSEARCA:GLD).  Fanatical Gold Bugs Losing Sanity

Transports sped right past a sleeping police officer on Thursday, with the Dow Jones Transportation Average (NYSEARCA:IYT) advancing 0.35 percent.

In Japan, the exchange rate for the yen was again the dominant factor in stock market activity.  Japanese stocks soared on Thursday as the yen weakened following remarks by Japan’s Finance Minister Taro Aso, who emphasized the need for accommodative monetary policy.  A weaker yen causes Japanese exports to be more competitively priced in foreign markets.  The exchange rate for the yen weakened to 99.65 per dollar just before the closing bell in Tokyo and as of this writing, the yen has once again become the yenny – with an exchange rate of 100 per dollar (NYSEARCA:FXY).  Japan’s GDP expanded at the annualized rate of 1.9 percent in the third quarter, beating expectations of a more significant drop to 1.7 percent from the second quarter’s 3.8 percent.  The Nikkei 225 Stock Average skyrocketed 2.12 percent to 14,876 (NYSEARCA:EWJ).

In China, stock prices in Shanghai lagged the surge in Hong Kong due to a spike in money rates after the People’s Bank of China pulled money from the open market.   The Shanghai Composite Index advanced 0.60 percent to 2,100 (NYSEARCA:FXI).  In Hong Kong, robust earnings reports from such companies as Tencent Holdings helped fuel the day’s advance.  Hong Kong’s Hang Seng Index surged 0.82 percent to end the day at 22,649 (NYSEARCA:EWH).  Does China Need a “Night of the Long Knives?”

Stocks soared in Europe after a report from Eurostat indicated that Eurozone GDP expanded by 0.1 percent during the third quarter, as expected by economists.  In the greater, 28-nation European Union GDP was up by 0.2 percent.  The Euro STOXX 50 Index finished Thursday’s session with a 1.08 percent jump to 3,053 – climbing further above its 50-day moving average of 2,965.  Its Relative Strength Index is 58.30 (NYSEARCA:FEZ).

Technical indicators revealed that the S&P 500 climbed further above its 50-day moving average of 1,720 after climbing 0.48 percent to finish Thursday’s session at an all-time high of 1,790.  Its Relative Strength Index rose from 63.95 to 66.23.  The MACD crossed above the signal line, which would suggest a continued advance in the immediate future.

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