iStock/Thinkstock(NEW YORK) — After losses Friday, Wall Street rebounded as investors appeared to relax over Fed Chair Janet Yellen’s comments on a possible interest rate hike.
The Dow jumped 107.59 (+0.58 percent) to finish at 18,502.99.
The Nasdaq gained 13.41 (+0.26 percent) to close at 5,232.33, while the S&P 500 finished at 2,180.38, up 11.34 (+0.52 percent) from its open.
Crude oil slid over 1 percent with prices hitting about $47 a barrel.
Federal Reserve: Yellen told a conference of central bankers in Jackson Hole, Wyoming, last week that the U.S. economy might be strong enough for an interest rate hike. Though she did not cite when a rate hike might come, she said she believed “the case for an increase in the federal funds rate has strengthened in recent months.”
Mylan: EpiPen maker Mylan announced it will begin to sell a cheaper generic version after the company came under fire for raising prices. Mylan hiked the price of the EpiPen from approximately $100 in 2009 to more than $600 in 2016. The generic version will sell for about half the price of the original EpiPen, according to Mylan.
J.Crew: J.Crew will sell a collection at select Nordstrom stores in an effort to boost sales for the company. Madewell, a J.Crew brand, has already been selling some clothing items at the fashion retailer since last year.
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