It was a mixed day for U.S. stocks -- the Dow, S&P 500 and the Nasdaq closed lower on investor concerns over the timing of the Fed's rate hikes. The Russell 2000 and the Dow Jones Transports were the only ones to close in the green. Meanwhile, Wall Street's fear gauge, the VIX, got a pop a second day in a row, moving above 17 for the first time since February.
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Breaking news after the bell: Shake Shack reported results for the first time since its IPO in January. The burger chain company delivered revenue of $35 million, topping analyst expectations, and a net loss of five cents per share. Shake Shack was down more than 6% in after-hours trade.
Also after the bell -- we got the results of the second phase of the stress tests, Fed-approved capital plans for all major U.S. banks, including Goldman Sachs, JP Morgan and Citigroup. The two foreign banks that missed the mark were Deutsche Bank and Santander -- both will resubmit their revised capital plans in a year.
And its the music battle of the ages: A jury found that pop stars Robin Thicke and Pharrell Williams plagiarized Marvin Gaye's 1977 hit "Gotta Give It Up" when they recorded "Blurred Lines." FOX Business brought in lawyers from both sides of the fight to weigh in. First, Richard Busch, the Gaye family's attorney told FBN he doesn't think an appeal is likely and that the other side doesn't stand a chance. Then, Thicke and Williams' attorney Howard King told FBN the battle is far from over, and that he plans to do whatever it takes to fight this verdict. Head to FOXBusiness.com/OnCall for both of these interviews.
Coming up tomorrow, we'll be watching February retail sales out at 8:30 a.m. ET.
Be sure to check out all of today's interviews on FOXBusiness.com/OnCall and tune into Countdown to the Closing Bell every week day at 3 p.m. ET.