…..Dow record high. Yellen says rates won’t have to rise all that much further. Bonds also move higher. Emerging markets also move higher. Beige Book sounds more upbeat. Bank of Canada boosts rates. Mortgage apps fall. Google wins case in France. Lula guilty in Brazil. Financial Review by Sinclair Noe for 07-12-2017 DOW + 123 = 21,532 SPX + 17 = 2443 NAS + 67 = 6261 RUT + 11 = 1424 10 Y – .03 = 2.33% OIL – .10 = 45.39 GOLD + 2.80 = 1221.00 The Dow Industrials took out the record high of 21,528 from June 19, also hitting an intraday high of 21,580 today. The Dow Transportation Average closed up 116 at a record high 9716. Treasuries rallied and the dollar retreated after Janet Yellen signaled the Federal Reserve won’t rush to tighten monetary policy as inflation remains persistently below target. The Fed chair made no mention of asset prices just a week after her comment that some looked “somewhat rich”. Yellen expressed confidence in the American economy while suggesting inflation rates won’t force the Fed’s hand. Yellen said the Fed was paying close attention to the recent weakness in inflation. While emphasizing that she expected prices to start rising more quickly, she said persistent weakness could lead the Fed to raise interest rates more slowly. Yellen declined to specify when the Fed intended to start reducing its bond holdings. Yellen’s term as Fed chairwoman ends in February, and she avoided several questions about her plans. The ...