Stocks continued to move higher, with financials helping to lift shares a day after Fed Chair Janet Yellen eased fears about rate hikes. Bobbi Rebell reports.
The Dow rose for its fourth straight session and hit a high for the year. Investors were heartened by Fed chair Janet Yellen's cautious approach to raising interest rates. O'Shares' Kevin O'Leary: (SOUNDBITE) KEVIN O'LEARY, CHAIRMAN O'SHARES, (ENGLISH) SAYING: "June is a question mark. But there is no way there are four rate hikes here. If anything, if you are the most conservative, you'd say fifty basis point increase this year, but even that is not sure." Job cuts coming to Boeing. The company didn't specify a number but sources say the cuts could be up to 8,000 jobs. Investors also got upbeat data ahead of the jobs report on Friday. Private employers added 200,000 jobs this month. That beat expectations. MetLife shares rose. A federal judge struck down the designation that the insurer is systemically important financial institution. Lululemon's shares jumped higher after the upscale yoga apparel maker reported an increase quarterly income and profit margins. Higher prices and lower fuel costs helped Carnival nearly triple its profit, pushing up shares. Apple exited bear market territory. Shares rose after Cowen upgraded the iPhone maker's stock to "outperform" and lifted its price target. Valeant shares slumped. The drug maker is asking its lenders to delay its deadline for filing its annual report by a month. That way, it hopes to avoid a default on its debt. In Europe, Yellen's cautious rate stance also spurred buying, driving stocks higher.