Stocks Gained on Economy Bets, Brexit Fears Eased

U.S. stocks edged up on Tuesday as Federal Reserve Chair Janet Yellen was optimistic about the economy and played down the risk of a recession, while concern over the upcoming British referendum remained subdued. At close, the Dow Jones industrial average rose 24.86 points, or 0.14%, to 17,829.73. The S&P 500 gained 5.65 points, or 0.27%, to 2,088.90. The Nasdaq Composite added 6.55 points, or 0.14%, to 4,843.76.

The Federal Reserve’s ability to raise interest rates this year may hinge on a rebound in hiring that would convince policymakers the U.S. economy isn’t faltering, Fed Chair Janet Yellen told lawmakers on Tuesday.

Oil prices dipped on Tuesday on more speculation over Britain’s future in the European Union, then pared losses to settle off session lows as a U.S. refinery outage triggered a rebound in gasoline prices. Brent crude futures’ front-month, August, settled down 3 cents at $50.62 a barrel. U.S. crude futures’ expiring July front- month contract closed down 52 cents, or 1 percent, at $48.85 a barrel,

Trader Joe’s will spend millions of dollars over the next several years to reduce greenhouse gas emissions from its refrigeration equipment as part of a settlement with the Environmental Protection Agency and the Justice Department.