Stocks Hit New Highs as Yellen Testifies

U.S. stocks closed higher on Thursday after investors found encouragement in a confirmation
hearing for Federal Reserve chairwoman nominee Janet Yellen. The Dow Jones Industrial Average
gained 54.59 points, or 0.35%, to end at 15,876.22, scoring a record close.The S&P 500 rose 8.62
points, or 0.48%, to finish at 1,790.62, also achieving a record close. The Nasdaq Composite
added 7.16 points, or 0.18%, to finish at 3,972.74.

Janet Yellen, the nominee for chairman of the Federal Reserve, said she is committed to promoting
a strong economic recovery and will ensure monetary stimulus isn’t removed too soon.

Facebook has dangled more than $3 billion in cash to woo Snapchat, the popular photo-messaging
used by younger audiences, amid growing signs of waning interest among teens in the world’s
largest social network.

Lockheed Martin said Thursday that it is cutting 4,000 jobs due to a slowdown in business due to
less U.S. government spending on defense.

The Tennessee Valley Authority, one of the nation’s five biggest users of coal for electricity
generation, said Thursday it would close down eight coal-fired power units with 3,300 megawatts of
capacity.