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ASX 200 soars amid strength from the banks, miners

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has received a boost this morning following strong performance from the Dow Jones overnight as Janet Yellen took a step closer to becoming the next leader of the Federal Reserve.

Given Yellen’s stance that the US economy is not yet ready for the Fed’s bond-buying program to be tapered back, investors’ confidence in global stock markets received a boost. The Dow Jones climbed to a new all-time high of 16030.28 points whilst the ASX 200 has surged 50 points, or 0.9%, in early trading.

Leading the rally were the key financials as well as the miners, with ANZ (ASX: ANZ), NAB (ASX: NAB) and Commonwealth Bank (ASX: CBA) gaining between 0.7% and 1%. Westpac (ASX: WBC) was the strongest performer out of the big four, having appreciated 1.3% to $32.72 per share. Meanwhile, BHP Billiton (ASX: BHP) and Rio Tinto (ASX: RIO) climbed 0.4% and 0.5% respectively.

Shares in shopping centre operator Westfield Group (ASX: WDC) also received a much-needed boost of 1.4% after having hit a 52-week low of $10.26 per share yesterday. Its shares are currently trading at $10.45.

Foolish takeaway

As the blue-chip stocks continue to gain in price, investors should consider looking at other investment opportunities in order to stand a better chance of recognising market-beating gains in the long-term.

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned.

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