The Dow Jones industrial average jumped more than 90 points Tuesday to set a new closing record of 18,209 points after Fed Chair Janet Yellen testified before Congress.
Corporate America is gaining a lot more from the economy's recovery than average Americans, Yellen told lawmakers.
The Fed chair's testimony before Congress comes at a critical time for America's central bank: When will it raise rates? Some say June, others say September or later.
The stock market shot up during her testimony as many on Wall Street interpreted her remarks as further indication that an interest rate increase won't come until June or later.
Whenever it comes, a rate hike will likely have a major impact on everyone. The pros and cons of a rate hike were hotly contested Wednesday in front of the Senate Banking Committee, and it's likely to happen again tomorrow when Yellen appears before the House.
Some Republicans argue that a rate hike is long overdue. Low interest rates mean savers see no gains from putting money in their bank accounts. Republican Senator Pat Toomey from Pennsylvania said Yellen's "patient" approach to a rate hike is hurting Americans.
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