Stocks managed to gain modest traction in Friday's session. Fed Chair Janet Yellen said a rate hike could be warranted this year. Bobbi Rebell reports.
U.S. stocks snapped a four-day losing streak, posting modest gains in the final trading session of the week. Fed Chair Janet Yellen saying in a speech Friday afternoon- that a rate hike could be warranted later this year. But for the week- it was ugly- the major indexes getting whacked- down more than 2 percent. Data out Friday included GDP. U.S. economic growth slowed in the fourth quarter to an annual rate of 2.2 percent. And corporate profits fell at a 1.6 percent rate. Separately, consumer sentiment fell in March. MUFG Union Bank's Chris Rupkey is already looking ahead to the current quarter. SOUNDBITE: CHRIS RUPKEY, CHIEF FINANCIAL ECONOMIST MUFG UNION BANK (ENGLISH) SAYING: "I think you have to write off the first quarter. It's just kind of a cold weather we talked about the horrible cold weather that lingers here. I think it's a cold weather story and anyway. The consumer has a lot of steam going into the first quarter anyway." U.S. light sweet crude falling dramatically in Friday's session - investors turning their focus to talks about an Iran nuclear deal that could put more oil on the market. Altera stock skyrocketed- A Wall Street Journal story said Intel is in talks to buy its rival. Intel stock jumped as well. Carnival's shares rising. Sharply lower fuel prices and higher demand helped the world's largest cruise operator post quarterly profit that beat expectations. Dow Chemical sold yet another non-core asset, helping lift its shares. It's selling most of its chlorine business to its smaller rival, Olin, for about $5 billion. Olin's shares blasted higher. Turning to Europe- shares there posted their biggest weekly fall of the year- though individual country indexes were mixed on Friday.