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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 Wells Fargo & Company Report added 2.1 percent and Bank of America (BAC) - Get Bank of America Corp 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 Apple Inc. (AAPL) 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.

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