NEW YORK (TheStreet) -- So, Yellen really is a dove. That was investors' takeaway from Federal Reserve Chair Janet Yellen's speech Monday morning. The exchange-traded funds following the S&P 500, (SPY), Dow, (DIA) and Nasdaq, (QQQ) each rallied on her 10 a.m. EST comments at a conference indicating that the underlying U.S. economic recovery is not sufficiently robust to warrant higher benchmark interest rates or more aggressive tapering for some time.
The S&P 500, $SPY, and the Dow, $DIA, each climbed more than half-a-percent by 11:30 a.m. EDT. The Nasdaq, $QQQ, jumped nearly a percent.
$SPY Today's action has a different feel to it. It is Nasdaq-led up move.-- h an (@anhyun45) Mar. 31 at 11:47 AM
The StockTwits' social heat map showed bullish sentiment ruled the morning -- though small cap biotech companies, such as Mannkind, (MNKD), continued to see the wrath of frustrated biotech investors. Cashtaggers fear that Mannkind?s inhaled diabetes drug will not gain broad FDA approval because of respiratory complications. BlackBerry, (BBRY), also saw aggressive selling.