Stocks Cling to Slim Gains as Oil Turns Positive
Stocks have erased earlier losses and are cautiously higher in midday Thursday trade in lockstep with a rebound in oil. The small gains have been mitigated, however, by strong durable goods orders and hawkish remarks from Kansas City Fed president Esther George that raised the odds for Fed Chair Janet Yellen to echo similar sentiments at her keynote address Friday in Jackson Hole, Wyoming. George, a voting member of the Federal Open Market Committee, and one of the staunchest advocates for a more restrictive monetary policy, said that the time has come for the Fed to gradually raise interest rates.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.