US stocks edged lower on Wednesday following comments from Federal Reserve Chair Janet Yellen, as a decline in energy shares outweighed gains in the financial sector in the latter stages of trading. The energy sector, down 1.6 percent, was the worst performer of the 10 major S&P groups as oil prices retreated on concerns increased exports from Iran will add to a global supply glut. Brent settled down USD 1.46 at USD 57.05 while US crude settled down USD 1.63 at USD 51.41 a barrel. "We were positive the whole day and we sort of lost our gains right at the tail end."
Financials, up 0.7 percent, helped curb declines. The group was buoyed by a 3.2 percent rise in Bank of America to USD 17.68 and a 3.8 percent gain in US Bancorp to USD 45.53 after their quarterly results. The S&P snapped a four-session winning streak, its longest run of gains since January. Celgene climbed 7 percent to USD 131.39 after touching a record high of USD 135.98. The company said it would buy Receptos to get a potential multibillion-dollar drug. Yellen said she expects the economy to grow steadily for the rest of the year, allowing the Fed to hike rates, but gave no direct hint on the timing or pace of a hike. The Fed is broadly expected to hike rates in September or December.
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