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.
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.