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S&P hits new seven-month high after upbeat Yellen comments

Monday, June 06, 2016 - 01:16

Stocks moved higher after Fed Chair Janet Yellen indicated a rate hike was still very much in the cards, but took out specifics on the timing of that hike. Bobbi Rebell reports.

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Stocks marched higher on Monday despite a brief intraday step back resuming their march upwards after Fed Chair Janet Yellen omitted a reference to the timing of the next interest rate hike, but painted a mostly positive picture of the economy, despite Friday's weak jobs report. No other U.S. central bank officials are scheduled to make public comments before a policy meeting next week. Russell Investment Group's Stephen Wood: SOUNDBITE: STEPHEN WOOD, CHIEF MARKET STRATEGIST, RUSSELL INVESTMENT GROUP (ENGLISH) SAYING: " I think, the Federal Reserve is still on course. The Fed Chair's comments today were that the labor market is volatile and not to read too much into the data that we saw last week." Gains in oil and energy also helped to lift the market. The U.S. Supreme Court rejected Google's bid to throw out a class action lawsuit. The case involves claims that the Alphabet subsidiary deceived California advertisers about the placement of internet ads through its Adwords service. Devon Energy stock moved higher. The oil and natural gas producer is selling assets in Texas for nearly a billion dollars to improve its finances. Best Buy shares took a hit after CEO Hubert Joly cut his stake in the electronics retailer by nearly half. In Europe stocks moved higher with mining and energy stocks among the top performers.

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S&P hits new seven-month high after upbeat Yellen comments

Monday, June 06, 2016 - 01:16