NEW YORK — Stocks rose in early trading Tuesday as new Federal Reserve Chair Janet Yellen signaled the central bank would continue to dial back its stimulus program if the economy keeps improving.
KEEPING SCORE: The Dow Jones industrial average rose 55 points, or 0.4 percent, to 15,856 as of 9:50 a.m. Eastern. The Standard & Poor's 500 index rose five points, or 0.3 percent, to 1,805 and the Nasdaq composite rose 11 points, or 0.3 percent, to 4,159.
CONTINUITY AT THE FED: In her first public comments since taking over the top Fed job last week, Yellen said in prepared remarks to Congress Tuesday that she expects a "great deal of continuity" with her predecessor, Ben Bernanke. She signaled that she supports his view that the economy is strengthening enough to withstand a pullback in the Fed's stimulus, but that rates should stay low to fuel further growth. Last week the Fed announced it would reduce its bond purchases by $10 billion a month to $65 billion a month.
CVS RISES: Drugstore and pharmacy benefits company CVS Caremark rose $1.69, or 3 percent, to $68.61 after the company reported a 12 percent rise in fourth-quarter earnings, beating analysts' forecasts. CVS said last week it would stop selling tobacco products, which the company expects will cost about $2 billion in sales and will cut its earnings by 6 cents to 9 cents per share.
BARCLAYS CUTS: Barclays fell 79 cents, or 4 percent, to $17.41 after the British bank, citing a slowdown in its investment banking division, said it would slash up to 12,000 employees.
- Utah's largest oil producer lays off 80...
- Jury exonerates Marc Jenson in fraud, money...
- 5 reasons your most talented employees will...
- Failed resort embittered friends, Marc Jenson...
- Balloon crew surpasses distance record in...
- Markets brace for Big Oil profit plunge
- How can Google snap its stock out of its stupor?
- Profiting as a Super Bowl host city...
- Business community supports tax... 22
- Utah's largest oil producer lays off 80... 16
- McDonald's CEO steps down as sales decline 7
- After setting iPhone record, what does... 5
- US economy slows to 2.6 percent growth... 4
- US consumer confidence jumps to 7... 3
- Knocking doors: What to know before... 3
- 5 reasons your most talented employees... 3