Wall Street rose in choppy trading as investors assessed Fed chair Janet Yellen's comments on the U.S. economy. Fred Katayama reports.
Financial stocks and comments by Fed chief Janet Yellen helped send Wall Street higher. Better-than-expected results from three big banks spurred buying. So, too, did news of a rebound in retail sales in September. Fed chair Janet Yellen expressed concern that U.S. economic potential is slipping and may need aggressive measures to reverse it. Rob Lutts of Cabot Wealth Management interprets Yellen's message to Wall Street: SOUNDBITE: ROB LUTTS, CHIEF INVESTMENT OFFICER, CABOT WEALTH MANAGEMENT, (ENGLISH) SAYING: "I think it means lower interest rates longer. That's the message." Twitter shares dropped after Salesforce.com's CEO said he won't bid for the microblogging company. Salesforce shares shot higher. Profit fell at JPMorgan Chase, Citigroup and Wells Fargo. But a big spike in fixed income trading helped JPMorgan and Citigroup breeze past profit forecasts. Smaller-than-expected loan loss provisions helped Wells Fargo's profit top estimates. Analysts had cut profit forecasts because of the bank's fake accounts scandal. Microsoft shares rose after Cowen & Co raised its price target on the stock by $2. Hershey up after the chocolate maker said CEO John Bilbrey will retire in July. In Europe, a rally in bank stocks drove European shares higher.