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.

Get our top dividend stock right now -- FREE!

For instance, look no further than our #1 dividend-paying stock. Discover The Motley Fool's favourite income idea for 2013-2014 in our brand-new, FREE research report, including a full investment analysis! Simply click here for your FREE copy of "The Motley Fool's Top Dividend Stock for 2013-2014."

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

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.