A much-awaited speech from Federal Reserve Chair Janet Yellen on Monday afternoon kept rate-hike plans vague with nearly every option left on the table.
Wall Street responded favorably to an absence of hawkish commentary rather than any clearer indication on a tightening timetable. The S&P 500 closed 0.49% higher, the Dow Jones Industrial Average added 0.63%, and the Nasdaq rose 0.53%.
The Dow Jones industrial average closed up 113.27 points, or 0.64 percent, at 17,920.33, with Boeing leading advancers and Home Depot the greatest laggard.
The S&P 500 closed up 10.28 points, or 0.49 percent, at 2,109.41, with energy leading eight sectors higher and telecommunications and utilities the only decliners.
The Nasdaq composite closed up 26.20 points, or 0.53 percent, at 4,968.71
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded higher near 13.6.
The major European indexes closed slightly higher, while bank stocks lagged.
Asian stocks closed mixed, with the Shanghai composite and Nikkei 225 slightly lower and the Hang Seng about 0.4 percent higher.
Reference: The Street
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