Closing Bell: Abercrombie Spikes on Deal Talks; S&P 500 at Records After Fed Signals Another Hike

Stocks add to gains after Federal Reserve minutes show a central bank comfortable in moving rates higher again.
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Stocks added to gains after Federal Reserve minutes showed a central bank comfortable in moving rates higher again. Tighter monetary policy is seen as the Fed's vote of confidence in the health of the economy. The S&P 500 ended at a new record. Most Fed members supported a plan to gradually reduce the balance sheet, a process expected to begin this year. Members agreed to discuss that possibility further at the June meeting. The Container Store (TCS) - Get Report rocketed higher after earnings came in nearly double expectations. The storage solutions retailer also announced restructuring plans and layoffs, which are expected to save at least $12 million this fiscal year. Abercrombie&Fitch (ANF) - Get Report surged this afternoon after Dow Jones reported that Cerberus and American Eagle are formulating a takeover bid. Abercrombie is set to release earnings results tomorrow morning.