Closing Bell: Caterpillar Claws Back From Selloff; Fed's Yellen Telegraphs March Move

Stocks inched higher after Federal Reserve Chair Yellen telegraphed a rate hike as soon as this month. In a speech in Chicago, Yellen said a Fed move would "likely be appropriate" when the FOMC meets in just over a week. Crude oil ended the day slightly higher despite an increase in drilling activity in the U.S. The number of active rigs drilling for crude rose in the past week to its highest level since October 2015. Activity has risen for seven weeks in a row. Caterpillar (CAT) - Get Report crept higher after its CEO apologized to the company's employees for Thursday's raid. Federal agents had swarmed its facilities in an ongoing investigation into its Swiss-based subsidiary. Big Lots (BIG) - Get Report reported a mixed quarter. Adjusted earnings beat estimates, while sales fell short of consensus. Same-store sales rose, though at roughly one-third the pace analysts had anticipated.