Stocks head into the trading day at the highest levels this year. Indexes rallied to 2016 highs as Federal Reserve Chair Janet Yellen said interest rate hikes were needed but hedged on the timing of those. Verizon plans to submit a second-round bid of around $3 billion for Yahoo core internet business, which was much less than the $8 billion or so that was expected. The Wall Street Journal says a private equity firm, TPG Capital, is also expected to make an offer. There could be another round of bidding before a decision is made. Valeant reported its delayed first quarter results. Results missed the mark and will cut its full year earnings and revenue guidance. The new CEO said the company is making progress in stabilizing its business, which has been through controversy over price increases, questions about accounting and concerns over the use of a mail-order pharmacy.
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