While waiting for Yellen, markets hit new highs

The markets are waiting for signs later this week from the Federal Reserve on when it will raise interest rates, but in the meantime, the S&P 500, Dow Industrials, S&P Midcap, Russell 2000 and Wilshire 5000 hit all-time highs on Friday.

83 stocks in the S&P 500 hit 52-week highs on Friday, according to Credit Suisse.

The only thing missing is the Dow Transports, which has not yet confirmed the new highs the Dow Industrials hit.

While everyone is hopeful Janet Yellen will provide some guidance for the pace of rate hikes during her Congressional testimony this week, the stock market isn't acting like it's nervous. The CBOE Volatility Index closed Friday its lowest level of the year. Volatility in Treasury yields has been more volatile, however.

U.S. crude oil is below $50, with energy stocks down again. I'm sure the U.S. refinery strike is not helping.

Read More U.S. refinery strike widens to include country's largest refinery

But there are also historic rallies overseas. In the UK, the FTSE 100 hit an all-time intraday high today. We will see if it closes at a new high. Germany's DAX also at an historic high.

In Japan, the Nikkei is at a 15-year high. Hong Kong's Hang Seng was up fractionally when it re-opened following the New Year holiday closing. Mainland China is still closed.


1) On Friday after the close, market maker and high-frequency trading firm Virtu filed an amended S-1. The company was set to go public shortly after filing the original S-1 on March 10 of last year, but was postponed due to the controversy surrounding the publication of Michael Lewis' Flash Boys.

The newly submitted S-1 updates some of the financials, but is otherwise little changed.

Read MoreJanet Yellen's got some explaining to do

This likely brings Virtu up to compliance in terms of updating its financial statements and risk factors. At this point, the company could go public quickly, within the next two or three weeks.

Virtu will be trading on the Nasdaq under the symbol VIRT. No terms have been announced yet, but the firm is seeking to raise $100 million.

It's been a slow year so far for IPOs. We've had 25 stock market debuts to date; this time last year, we had 35, according to IPOFinancial.com. We're still getting pharma and biotech debuts coming through the pipeline, but energy deals have fallen off.

  • Bob Pisani

    A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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