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(Reuters) – Wall Street rose on Friday and capped off its strongest week since March after U.S. Federal Reserve Chair Janet Yellen said an interest-rate hike would likely be appropriate “in the coming months.”
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Wall Street puts finishing touch on best week since March
The Federal Reserve should raise interest rates “in the coming months” if the economy picks up as expected and jobs continue to be generated, U.S. central bank chief Janet Yellen said on Friday, bolstering the case for a rate increase in June or July. “It's appropriate … for the Fed to gradually and cautiously increase our overnight interest rate over time, and probably in the coming months such a move would be appropriate,” Yellen said during an appearance at Harvard University. Although Yellen expressed caution about too steep a rise in U.S. rates, she sounded more confident than she has in the past that the U.S.
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Yellen says Fed rate hike likely appropriate in coming months
The Labor Department said the Consumer Price Index increased 0.4 percent last month, the largest gain since February 2013, after rising 0.1 percent in March. “This morning the economic news was generally favorable suggesting that … the U.S. economy has improved to levels warranting something other that crises-level rates,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis.
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Wall Street slips as strong data raises chances of rate hike
The sight of workers sleeping on the job is common in China, where a surplus of cheap labor can lead to downtime and employees at startup companies work long hours.
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Working, eating and sleeping at the office
Company founder and CEO Elon Musk may not mention Tesla Motors Inc's stock price when his electric car company gives its latest financial update on Wednesday, but it will be front and center for investors divided over its seemingly rich valuation. After a rally that ended in April, Tesla's market capitalization is currently about $31 billion – equivalent to $620,000 for every car it delivered last year, or $63,000 for every car it hopes to produce in 2020. By comparison, General Motors Co's $48 billion market value is equivalent to about $4,800 for every vehicle it sold last year.
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Wall Street values Tesla Motors at $620,000 per car