Closing Bell: Yellen Sees Few Hikes Each Year; Beige Book Supports Economic Recovery Story

U.S. stocks ended mixed Wednesday as Federal Reserve Chair Janet Yellen capped off a day filled with interest rate speculation. Yellen said she anticipates a few interest rate hikes per year through to the end of 2019. Proof of an economy nearly running on its own came in the form out the Beige Book out this afternoon. The six-week report touted "modest" growth in the U.S. economy as labor markets tightened and price pressures increased. General Motors (GM) - Get Report was hit with a $1 million fine from the SEC to settle accounting failures tied to its ignition switch defect. Recalls for that safety issue began in 2014. JPMorgan (JPM) - Get Report has reportedly agreed to a $55 million fine to settle a lawsuit with the Department of Justice. The U.S. government filed a lawsuit alleging that the bank discriminated against minority mortgage borrowers.