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Stocks drop ahead of Yellen speech

Friday, August 26, 2016 - 01:18

Stocks moved to the downside on Thursday with weakness in healthcare and consumer names. Fed Chair Janet Yellen is set to speak in Jackson Hole, Wyoming on Friday. Bobbi Rebell reports.

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Stocks moving lower on Thursday weighed down by a drop in healthcare and consumer names. Just one day ahead of Fed Chair Janet Yellen's much anticipated talk in Jackson Hole Wyoming, a couple of Fed officials said interest rates can be raised. Rob Lutts is chief investment officer at Cabot Wealth Management. (SOUNDBITE) ROB LUTTS, PRESIDENT AND CHIEF INVESTMENT OFFICER, CABOT WEALTH MANAGEMENT, (ENGLISH) SAYING: "My guess would be, she is going to continue to walk that narrow line between being data dependent and recognizing that the economy is a bit stronger. Today we had some very good durable goods numbers that were pretty constructive, and the data all along has been fairly constructive. Not barn burner, but pretty good, and this is why I've said that quantitative easing is accomplishing what they want." Among the bright spots: Tiffany. Shares moved higher on better-than-expected results. The upscale jeweler was able to raise prices, and raw material costs were lower. Mylan stock edged lower. The EpiPen maker says it will offer discounts to the device of up to $300. The price of the EpiPen has increased from $100 to $600 since 2008. In Europe, lots of red for the major country indexes on weakness in miners and drugmakers.

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Stocks drop ahead of Yellen speech

Friday, August 26, 2016 - 01:18