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Stocks head higher as the dollar steadies

CNBC logo CNBC 12/19/2016 Evelyn Cheng


Stocks rose slightly Monday as traders watched for a continuation of the postelection market rally.

The Dow was up 33 points, the S&P 500 added 0.23 percent, and the Nasdaq gained 0.55 percent.

Fed Chair Janet Yellen is set to speak on the job market in the afternoon at a University of Baltimore commencement.

The Federal Reserve raised rates for the second time in a decade Wednesday and surprised markets by forecasting three rate hikes for 2017, more than the consensus two.

"People will probably be looking at the ... policy decisions from central banks. Specifically we get Bank of Japan tonight," said Ryan Larson, head of equity trading, U.S., at RBC Global Asset Management.

The Bank of Japan is set to conclude its two-day meeting on monetary policy Tuesday local time.

U.S. crude oil futures were a touch lower below $53 a barrel.

The U.S. dollar index was steady just below 103, while Treasury yields were slightly lower.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded higher near 12.4.

About two stocks advanced for every decliner on the New York Stock Exchange, with an exchange volume of 45 million and a composite volume of 86 million in morning trade.

Gold futures rose slightly to $1,141.20 an ounce.


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