U.S. stocks ended higher Monday, as investors digested U.S. Federal Reserve Chair Janet Yellen's comments on the country's economy.
The Dow Jones Industrial Average rose 113.27 points, or 0.64 percent, to 17,920.33. The S&P 500 added 10.28 points, or 0.49 percent, to 2,109.41. The Nasdaq Composite Index was up 26.20 points, or 0.53 percent, to 4,968.71.
Fed Chair Janet Yellen said at the World Affairs Council of Philadelphia Monday that the overall labor market is quite positive, although the recent slowdown in jobs bears "close watching." The U.S. total nonfarm payroll employment increased by 38,000 in May, well below the market consensus of 158,000 and notching the fewest monthly job gain in almost six years.
Yellen said additional rate increases would still be appropriate but did not give a specific time period for the next hike. "June is off the table. July hike only if economic data surprises to the upside over the next two months. The economic projections that accompany the June FOMC meeting will likely contain the most important information with regard to Fed thinking for the next month," said Jay Morelock, an economist at FTN Financial.
Overseas, European equities increased Monday amid oil recovery. German benchmark DAX index at Frankfurt Stock Exchange inched up 0.18 percent, while British benchmark FTSE 100 Index added 1.03 percent. In Asia, Tokyo stocks closed lower Monday as the yen's advance against the U.S. dollar triggered by key U.S. employment data soured the market mood. The 225-issue Nikkei Stock Average dropped 0.37 percent to 16,580.03.
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