A December rate hike is a live possibility, according to Federal Reserve Chair Janet Yellen. Yellen said the Fed could implement its first rate hike in nearly a decade next month if the economy continues to improve as the central bank expects. Stocks slid on Yellen's testimony before Congress. 21st Century Fox (FOXA) slid after a disappointing first quarter. The media giant saw sales at its film studio fall 28% on weak box office results for 'The Fantastic Four' and the loss of syndication revenue from its sale of TV show 'How I Met Your Mother.' Rival Time Warner (TWX) performed better in its recent quarter. Revenue jumped 5% driven by strong growth in its premium cable service HBO.
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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.