Closing Bell: Stocks Rally With Near-Term Rate Hike in Focus; Apple to Hold September Event

U.S. stocks staged a post-Yellen rally on Monday, buoyed by comments from the central bank Chair last week.
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U.S. stocks staged a post-Yellen rally on Monday, buoyed by comments from the central bank Chair last week, saying the case for an interest rate increase 'has strengthened in recent months,' a sign of economic strength. Financial stocks surged amid the expectations of higher interest rates. Wells Fargo (WFC) - Get Report added 2.1 percent and Bank of America (BAC) - Get Report gained 0.4 percent. A rise in rates would boost the bank's profitability. West Texas Intermediate, the U.S. benchmark for oil, settled lower by 1.39 percent on Monday to $46.98 a barrel. Apple (AAPL) - Get Report shares were in focus after announcing it will hold an event on Sept. 7. While Apple hasn't released details, reports suggested the company is set to introduce a new iPhone, perhaps the iPhone 7. TheStreet's Scott Gamm reports from Wall Street.