U.S. stock markets cheered dove-ish remarks from Fed Chair Janet Yellen indicating caution when it comes to raising rates. Bobbi Rebell reports.
Fed chair Janet Yellen's dovish remarks on monetary policy sent stocks higher. She said the central bank should proceed "cautiously" in hiking rates. Wells Fargo Funds' Margie Patel: (SOUNDBITE) MARGIE PATEL, SENIOR PORTFOLIO MANAGER, WELLS FARGO FUNDS, (ENGLISH) SAYING: "I'm not at all surprised because, I suspect, she's very sensitive to upsetting the markets, the financial markets. She's shown that sensitivity, and, I think, they're concerned about the economy slowing down." Economic news was mixed. Consumer confidence rose in March. And home prices measured by S&P/Case Shiller rose in January but not as much as analysts had expected. An affiliate of SunEdison said the solar company is at risk of going bankrupt. And the Wall Street Journal reports the company is under investigation for possibly overstating its cash position. Shares sank as much as 45 percent. Embattled burrito chain Chipotle shares suffering after Wedbush cut its rating to "underperform" from "neutral" and lowered its price target. Yahoo rallied. The Wall Street Journal reports that the Internet company set an April 11 deadline for bids for its web business and Asian assets. In Europe, a rally in insurance shares markets higher. But the FTSE 100 finished just below the break even level.