Closing Bell: First Solar Falls on Job Cuts; Crude Oil Makes Surprise Turnabout

Wall Street makes broad gains as investors traded on renewed certainty over an interest rate hike in December.
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Wall Street made broad gains as investors traded on renewed certainty over an interest rate hike in December. In comments on Capitol Hill, Federal Reserve Chair Yellen suggested the economy was ready for a rate hike. Crude oil made a surprise turn to close lower after rallying earlier in the session. Earlier sentiment was positive after Saudi's energy minister added to hopes of a production freeze agreement among OPEC members. OPEC will meet in Vienna at the end of the month. First Solar (FSLR) - Get Report fell after detailing plans to cut more than one-quarter of its workforce. The energy company will lay off around 1,600 workers, which will result in at least $500 million in charges. Children's Place (PLCE) - Get Report jumped after raising its outlook on the back of a solid first quarter. Expanding gross margins, growth in comparable-store sales and a tighter control of expenses contributed to higher estimates.