Stocks edge higher after Yellen remarks

AP News
Posted: Feb 11, 2014 9:47 AM
Stocks edge higher after Yellen remarks

NEW YORK (AP) — U.S. stocks are higher in early trading after Janet Yellen, the new head of the Federal Reserve, signaled that she thinks the economy is continuing to improve.

Yellen, in prepared remarks to a Congressional committee, said the central bank would continue to gradually dial back its stimulus program as the economy gets better.

The Dow Jones industrial average rose 43 points, or 0.3 percent, to 15,844 in the first few minutes of trading Tuesday.

The Standard & Poor's 500 index rose three points, or 0.2 percent, to 1,803 and the Nasdaq composite rose 10 points, or 0.3 percent, to 4,149.

CVS Caremark's stock rose 3 percent after the drugstore operator reported a 12 percent increase in earnings. CVS Caremark runs the nation's second-largest drugstore chain with more than 7,600 locations.