Stocks Closed Modestly Higher after Yellen Speech

U.S. stocks closed modestly higher on Monday after Janet Yellen said signs of a healthy job market abound. The Dow Jones Industrial Average rose 39.65 points, or 0.20%, to 19,883.06. The S&P 500 added 4.46 points, or 0.20%, to 2,262.53. The Nasdaq Composite gained 20.28 points, or 0.37%, to 5,457.44.

In her first speech after raising interest rates for only the second time this decade, Federal Reserve Chairwoman Janet Yellen said signs of a healthy job market abound, including steady job creation, low layoff rate and higher job openings. But Yellen also noted the economy is growing more slowly than in past recoveries and productivity growth “has been disappointing.”

Oil prices ended modestly higher Monday in up-and-down trade amid news that a Russian ambassador to Turkey was shot and killed in Ankara. West Texas Intermediate crude oil for February delivery closed up 11 cents, or 0.2%, at $53.06 a barrel. February Brent crude retreated 29 cents, or 0.5%, at $54.92 a barrel.

Boeing Co’s commercial airplanes unit said on Monday it would reduce its workforce in 2017, adding to the about 8 percent jobs the company has cut since the beginning of 2016.