Wall Street edges up as data supports Fed rate view

With little evidence of a rebound, the Fed is in no position to start raising interest rates for the first time since 2006, Boston Fed President Eric Rosengren said. The Dow Jones transportation average , which has been close to correction territory, was up 1.4 percent. "So far, economic data ... does not suggest the Fed is going to raise rates in the near future, and the fact that the economy contracted in Q1 even with rates near zero is not a good sign for the Fed," said Adam Sarhan,