European and Asian stocks rise as investors bet that Federal Reserve Chairwoman Janet Yellen will make placatory noises about monetary policy when she delivers her first testimony to Congress since becoming the boss of the world¿s most powerful central bank. Meanwhile L¿ Oréal and Nestlé end months of speculation with a deal worth almost $9 billion for the French cosmetics giant to buy back and cancel an 8% stake in itself held by the Swiss foodmaker.
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How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.