Midday Report: Fitbit Rises on Salesforce CEO Stake; U.S. Stocks Climb

U.S. stocks jumped as Wall Street interpreted comments from Federal Reserve Chair Yellen to mean another rate hike no earlier than mid-year. In her semiannual testimony to Congress, Yellen said recent market turbulence has become less supportive to growth. Crude oil was on watch as hopes of production cuts in the Middle East rose after Iran said it was open to cooperation with Saudi Arabia to limit output. Fitbit (FIT) shares spiked after Salesforce CRM CEO Marc Benioff disclosed a stake in the fitness tracker company. Benioff owns around 5.3 million shares in Fitbit, roughly a 5.3% stake. Deutsche Bank (DB) rebounded on news said the bank could buy back some of its own bonds to strengthen its finances. According to reports, the bank could buy back several billion euros worth of its debt. TheStreet's Keris Lahiff reports from Wall Street.