Midday Report: Fed Reiterates Balance Sheet Plans; Wall Street Higher After Jobs Number

Summary: Wall Street held onto solid gains through the morning after a blowout jobs report. The U.S. economy added far more jobs in June than economists expected. Tech also gave the Nasdaq a boost. Federal Reserve Chair Janet Yellen heads to Capitol Hill next week for her semiannual Congressional testimony. In its policy report delivered before the testimony, the Fed said it expects "gradual" rate hikes and anticipates beginning the "balance sheet normalization program this year." Coach Inc. rose after Oppenheimer raised its price target on the luxury accessories brand. Analysts are confident in the company's ability to turn its Kate Spade & Co. acquisition into profit. Coach made its bid back in May. Campbell Soup Co. was active after acquiring organic soup company Pacific Foods for $700 million. Pacific will slot into Campbell's Simple Meals and Beverages unit.