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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.

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 Container Store (The) 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 Abercrombie & Fitch Company 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.

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