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Stocks down slightly after Yellen comments

Friday, May 22, 2015 - 01:47

U.S. stocks ended weaker on Friday after Federal Reserve Chair Janet Yellen indicated the central bank was poised to raise interest rates this year, in line with broad expectations on Wall Street. Bobbi Rebell reports.

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Stocks finished the week backing off record high levels. The major indexes closing lower on Friday. For the week, a mixed picture with the Dow in the red. Fed Chair Janet Yellen said it would be appropriate to raise interest rates this year if the economy continues on its current path. That was in line with Wall Street's expectations that a rate hike is coming sometime this year, and there was little stock reaction to her remarks. Consumer prices moderated last month, data showed, but the so-called core consumer price index, which strips out food and energy costs, posted its largest gain since January 2013. Microsoft has held significant talks to buy cloud software heavyweight Salesforce.com, according to CNBC. Microsoft shares were down slightly, but Salesforce.com moved higher. Time Warner Cable shares rose after an exclusive Reuters report says French telecom Altice SA could potentially bid for the second-largest U.S. cable operator. Teen retailer Aeropostale shares plummeted after warning of a bigger current-quarter loss. The company blaming higher store closure costs and supply delays because of disruptions at West Coast ports. Shares of the Chinese online travel company ELong soared 31 percent before giving back some of gains. Expedia said, it sold its entire stake in the company to Ctrip.com and others. Shares of Ctrip and Expedia both jumped. Campbell Soup Company shares rose after the packaged foods maker posted better-than-expected quarterly profits. The maker of Pepperidge Farm cookies and Goldfish crackers credited lower promotion costs, and higher prices for its products. Light volume ahead of the holiday weekend in Europe as well-shares closed mixed.

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Stocks down slightly after Yellen comments

Friday, May 22, 2015 - 01:47