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Market Snapshot: Stock market could test new highs as rate hike jitters fade

The Federal Reserve’s top two officials did their best Friday to convince investors interest rates will likely rise by the end of the year, waking stock-market bears from hibernation. But the damage to equities is likely to be minimal once Wall Street regains its composure.

Fed Chairwoman Janet Yellen said the case for an interest-rate increase is strengthening, setting the stage for the central bank to tighten monetary policy in the coming months.

“In light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal-funds rate has strengthened in recent months,” said Yellen.

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