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Yellen talks, Wall Street hits record

Wednesday, February 15, 2017 - 01:20

The S&P 500 rallied to a record high for the fourth straight session after Fed Chair Janet Yellen testified before Congress on Tuesday. Fred Katayama reports.

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Bank stocks led Wall Street higher, pushing indexes to record highs Tuesday. Sparking that rally: Federal Reserve Chair Janet Yellen's testimony before Congress, where she said it would be unwise to wait too long to hike interest rates. Ross Gerber of Gerber Kawasaki SOUNDBITE: ROSS GERBER, CEO, GERBER KAWASAKI, (ENGLISH) SAYING: "It's kind of the Yellen trade, also relative to Trump in that you know, she's really setting out a path of rising rates over time in a measured way which is very good for the banking sector and also a positive sign for the economy. I give Yellen credit for the economy in how well things have been going in the last several months." Valentine's breakup: Aetna and Humana called off their $34 billion merger. The announcement comes one month after a federal court ruled against the merger on antitrust grounds. Aetna rose on the news. GM shares revved up, making it one of the day's biggest gainers on the S&P 500. It's in talks to sell its Opel and Vauxhall brands to the maker of Peugeot, PSA. A sale would vault PSA past Reneault to number 2 in the European car market. Popeyes's shares popped. Sources say the owner of Tim Hortons, Restaurant Brands International, has approached Popeyes Louisiana Kitchen about a possible acquisition. Mixed markets in Europe. Gains in the auto sector on the PSA news offset weakness in consumer and drug stocks.

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Yellen talks, Wall Street hits record

Wednesday, February 15, 2017 - 01:20