The three major stock indices closed higher today as traders awaited Janet Yellen's confirmation hearing tomorrow. They will undoubtedly begin listening to every word the Fed Chair nominee speaks for clues to the future of quantitative easing. There has been speculation that the central bank could in fact begin to taper its $85-billion-a-month bond-buying program in December, before current Chairman Ben Bernanke ends his term. In the meantime, the Bank of England revised its inflation and unemployment forecasts today, prompting expectations that it may soon raise interest rates.
POLL: Should hedge funds be allowed to buy Fannie Mae and Freddie Mac
Macy's (M) soared today, closing up more than 9% after posting solid earnings this morning. The department store chain made 47-cents a share for the quarter when estimates were for 39-cents. The beat is a 22% increase over last year. Sales came in at $6.28-billion, edging past estimates of $6.19-billion. Macy's credits an increase in marketing for the beat.
Extended Stay America (STAY) jumped in its debut today on the NYSE. Shares shot up more than 16% as the stock began trading. The hotel chain sold 28.25-million shares at $20 each. Extended Stay was publicly traded once before, but was taken private by Blackstone group. It subsequently changed hands again and then went bankrupt. The company is now led by former Starbucks CEO Jim Donald.Read More »from Stocks Move Higher as Yellen Testimony Looms