Stocks Opened Weak ahead of More Yellen Testimony

U.S. stocks opened little changed on  Wednesday, as investors were cautious ahead of another day of testimony by Federal Reserve Chairwoman Janet Yellen. The Dow Jones Industrial Average lately fell 13.55 points, or 0.07%, to 18,195.64. The S&P 500 was off 3.03 points, or 0.14%, to 2,112.45. The Nasdaq Composite was down 4.63 points, or 0.09%, to 4,963.50.

Renowned U.S. investor Warren Buffett is readying for an acquisition spree in Europe’s biggest economy after setting the ball rolling last week with the purchase of a niche German retailer by his Berkshire Hathaway (BRKa.N) holding company.

American Express Co., the lender that lost one of its biggest retailer partnerships and suffered a defeat in an antitrust lawsuit this month, is raising interest rates on a swath of credit cards for the first time in more than five years.

On Wednesday, Target announced fourth quarter and fiscal-year 2014 results while the retailer gave another outlook on the costs it expects to incur as it exits operations in Canada. Target recorded a pretax impairment loss and other charges of $(5,105) million in fourth quarter 2014.

Cablevision Systems Corp reported a 3 percent rise in quarterly revenue as increased advertising spending more than offset the impact from a decline in video subscribers. Net income attributable to Cablevision stockholders rose to $56 million, or 20 cents per share, in the fourth quarter ended Dec. 31, from $51.8 million, or 19 cents per share, a year
earlier.

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