Closing Bell: Fed's Brainard Cautions 'Prudence'; U.S. Stocks Soar

Relief flooded Wall Street after a number of Fed speakers took a dovish turn following increasingly hawkish rhetoric.
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Relief flooded Wall Street after a number of Federal Reserve speakers took a dovish turn following increasingly hawkish rhetoric. Fed Governor Lael Brainard cautioned prudence in raising rates. Horizon Pharma  (HZNP) - Get Report agreed to purchase Raptor Pharmaceutical  (RPTP) in an all-cash deal worth around $800 million. Horizon said the deal broadens its ability to treat rare diseases. Software developer Open Text (OTEX) - Get Report climbed after agreeing to acquire Dell's Enterprise Content Division for just over $1.6 billion. The employees of the unit will be integrated into Open Text. Pandora (P) climbed on reports it is close to announcing a new $5-a-month streaming service as soon as this week. The company could also offer a $10-a-month music-on-demand platform to rival Spotify by year's end. TheStreet's Keris Lahiff reports from Wall Street.