Stocks were steady after Fed Chair Janet Yellen signaled the central bank is set to raise interest rates this month. Fred Katayama reports.
BROADCAST AND DIGITAL RESTRICTIONS~** Broadcasters: None Digital: None** Wall Street was steady after Federal Reserve Chair Janet Yellen said the central bank is set to hike interest rates this month as long as jobs and inflation data holds up with expectations. Her comments drove financial stocks higher. RegentAtlantic research director Andy Kapyrin: SOUNDBITE: ANDY KAPYRIN, DIRECTOR OF RESEARCH, REGENTATLANTIC, (ENGLISH) SAYING: "It's really, what's the market reaction today? It's a reflection of expectations. Not much has changed today in response to expectations for the U.S. Everybody more or less said that the rate hike in March was going to be a done deal barring something unusual happening in Janet Yellen's speech today, and nothing unusual happened." GM shares rising. Reuters has learned the maker of Peugeot, PSA, agreed to buy GM's Opel division. You'll soon pay more to shop at Costco. The discount retailer is hiking membership fees, which make up three-fourths of its operating income. Shares dropped after quarterly profit fell. Sales at existing stores rose, but that, along with profit, missed estimates. Snap still has steam. Shares jumping one day after they soared on their sizzling IPO. Comcast's media conglomerate, NBCUniversal, disclosed it invested $500 million in Snap. Macy's shares dropped. Sources say the owner of Saks Fifth Avenue, Hudson's Bay, still hasn't come up with equity financing for its bid for Macy's. In Europe, weak earnings results from ad group WPP and hygiene company Berendsen dragged shares lower. But the CAC gained more than half a percent.