Yellen Propels Markets to New Highs!
The Dow Jones industrial average closed 123.07 points higher at 21,532.14, a record. The S&P 500 gained 0.73 percent and closed at 2,443.25, with real estate and information technology leading advancers.
As we are all aware what foes up comes down. Rather than wait for a pullback and buying SPY calls we saw an opportunity to jump in and buy the puts on the SPY. We are expecting that we will have a gain of 25% or better. Yellen delivered her remarks in front of Congress on Wednesday. She also answered questions about monetary policy and the health of the U.S. economy.
Shares of PayPal were up over 3% after it announced a partnership with Apple that will allow consumers to use PayPal to pay for items in Apple's App Store, Apple Music, iTunes and iBooks.