Stocks Ended Lower after Yellen Comments

U.S. stocks ended lower on Wednesday, as Federal Reserve Chairwoman Janet Yellen hinted that a rate
hike in December will not derail the economy. The Dow Jones Industrial Average fell 50.57 points, or
0.28%, to 17,867.58. The S&P 500 fell 7.48 points, or 0.35%, to 2,102.31. The Nasdaq Composite was down 2.65 points, or 0.05%, to 5,142.48.

Fed Chair Janet Yellen told lawmakers on Wednesday the U.S. economy is “performing well” and a December rate hike could be justified.

The Institute for Supply Management on Wednesday said its services index climbed to a stronger-than-
forecast reading of 59.1%, on a scale where any reading above 50% indicates expansion.

Facebook Inc. on Wednesday reported an 11% increase in third-quarter earnings, despite spending heavily on projects as varied as artificial intelligence, virtual reality and bringing Internet access to
emerging markets. Revenue rose 41% to $4.5 billion, from $3.2 billion in the same period a year
earlier.

Kraft Heinz Co (KHC.O) will close seven factories and lay off about 2,600 employees, a spokesman for
the food company said. The company will also move its Oscar Mayer brand and US meats business to
Chicago from Madison, Wisconsin, Kraft spokesman Michael Mullen told Reuters.

Crude oil futures fell 4 percent on Wednesday, wiping out gains from the previous day’s rally. Brent
crude futures settled down $1.96, or 3.9 percent, at $48.58 a barrel. U.S. crude closed down $1.58, or
3.3 percent, at $46.32.