Closing Bell: CBS Files for CBS Radio IPO; Fed Boosts U.S. Stocks

U.S. stocks shook off earlier weakness to close higher after the Fed's June meeting minutes stressed a prudent approach to monetary policy. Crude also reversed course over the session, closing above $47 a barrel after hitting a two-month low earlier. The central bank appeared cautious ahead of the then-upcoming Brexit vote, uncertain of how the global economy might react. Members were also divided on whether a weak May jobs report was transitory. Valeant (VRX) closed around session highs after Walgreens (WBA) - Get Report execs said they were satisfied with their relationship with the drugmaker. The companies entered a distribution deal late last year. CBS (CBS) - Get Report plans to separate from CBS Radio via an initial public offering. The separation would be similar to what CBS did with its outdoor-ad unit two years ago. TheStreet's Keris Lahiff reports from Wall Street.