Stocks Edge Higher as Yellen Speaks; Guess? Jumps on CEO Exit

Guess? (GES) shares were rallying after co-founder Paul Marciano announced he is stepping down as CEO effective August.
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Stocks edged higher as Fed Chair Janet Yellen presented her semiannual testimony on Capitol Hill. In an address to the House Financial Services Committee, Yellen reiterated the likelihood of an interest rate rise this year provided the economy continues to recover at its current pace. Yellen will address the senate banking committee on Thursday. Guess? (GES) shares were rallying after co-founder Paul Marciano announced he is stepping down as CEO effective August. He has held the position, either as sole or co-CEO, since 1999. Yum! Brands (YUM) slid after reporting its fourth straight month of sliding sales. The owner of KFC saw a 10% decline in same-store sales in key region China.