Financial News

Rates to rise gradually, markets soar

Investors welcomed Federal Reserve chair Janet Yellen's testimony that interest rates will rise gradually. The markets soared to close sharply higher with the Dow surging 123 points to 21,532. Nasdaq leaped 67 points to 6,261.


On the upside


Shares of Restoration Hardware (NYSE: RH) advanced again on no news.


Kemet (NYSE: KEM) extended its T598 range of polymer electrolytic capacitors with new higher voltage rated parts.


A Tier 1 multiservice firm in India ordered more than $13 million worth of Ceragon Networks' (Nasdaq: CRNT) IP-20 platforms.

On the downside


Barnes & Noble Education (NYSE: BNED) reported lower than expected earnings for the fourth quarter.


Alder BioPharmaceuticals (Nasdaq: ALDR) announced a secondary offering of 12.5 million common shares.

Tudor Investment sold a majority of its holdings in CommScope Holdings (Nasdaq: COMM).


In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 soared 17 points to 2,443. Bitcoin gained $15 to $2362.


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