US stocks rally ahead of Yellen’s speech

US stocks rally ahead of Yellen’s speech

New York, June 7 (IANS) US stocks traded higher in the morning session on Monday as investors awaited US Federal Reserve Chair Janet Yellen’s speech scheduled for midday after a weak jobs report.

By noon, the Dow Jones Industrial Average gained 111.39 points, or 0.63 percent, to 17,918.45, Xinhua news agency reported.

The S&P 500 rose 9.94 points, or 0.47 percent, to 2,109.07. The Nasdaq Composite Index was up 21.14 points, or 0.43 percent, to 4,963.66.

Traders will keep a close eye on her comments for clues on the timing of the next interest rate hike.

US stocks pared part of early losses to end modestly lower on Friday, as the country’s nonfarm payrolls data came out much worse than expected.

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