Stock rotation to continue as Fed seen open to 2016 hike

The rotation to cyclical sectors of the S&P 500 and away from defensive stocks could continue next week if Federal Reserve chair Janet Yellen strikes a tone more welcoming to an interest rate increase later this year. Fed speakers this week, including the influential New York Fed President William Dudley, seemed to blaze the trail for Yellen and her upcoming Friday speech in Jackson Hole, Wyoming as part of a global meeting of central bankers. Dudley said Tuesday the Fed could raise rates as