Stocks Opened Higher after Yellen Statement

U.S. stocks opened slightly higher on Wednesday as investors took in a cautious statement on the U.S. economy by Federal Reserve Chairwoman Janet Yellen that fell largely within expectations. The Dow Jones Industrial Average lately rose 56.84 points, or 0.35%, to 16,071.22. The S&P 500 gained 13.58 points, or 0.73%, to 1,865.79. The Nasdaq Composite was up 48.40 points, or 1.13%, to 4,317.17.

Tightening financial conditions driven by falling stock prices, uncertainty over China and a global reassessment of credit risk could throw the U.S. economy off track from an otherwise solid course, Federal Reserve Chair Janet Yellen said on Wednesday in prepared testimony to Congress.

Oil prices edged up in Asia on Wednesday, but were trading in a narrow range because supply isn’t expected to fall in the near term. On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at $28.57 a barrel, up 63 cents, or 2.2%, in the Globex electronic session.

Volkswagen said on Wednesday it was recalling 680,000 cars of its namesake brand in the United States because Takata- made (7312.T) airbags in them could be defective.

Time Warner Inc. offered an upbeat forecast for the year after topping earnings expectations in its fourth quarter, thanks to lower costs and continued gains in its HBO segment. Time Warner also raised its quarterly dividend 15% to $1.61 a share and said its board approved $5 billion in additional share repurchases.