Midday Report: BlackBerry to Stop Making Phones; Rates Talk Sinks U.S. Stocks

A pivot to interest rate talk sank stocks during the morning session on Wednesday.
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A pivot to interest rate talk sank stocks during the morning session. Federal Reserve Chair Janet Yellen said in testimony to the House of Representatives that accommodative policy would need to be lifted if the economy continues to improve as expected. Domestic crude supplies fell for their fourth week in a row, a welcome sign that oversupply in the U.S. is slowly being corrected. An official read on inventories showed a decline of nearly two million barrels in the past week. BlackBerry (BBRY) jumped following a better-than-expected quarter. The company also announced it will cease manufacturing its own smartphones, instead outsourcing to partners so it can focus on software development. German officials quickly denied a report that they would step in to help Deutsche Bank (DB) - Get Report in the case it cannot bankroll its recent litigation issues. The U.S. Justice Department levied a multi-billion-dollar fine against the bank earlier this month.