U.S. Stocks Hold Gains After Yellen's Rate-hike Comments

U.S. stocks maintained sharp gains on Friday, taking Federal Reserve Chairwoman Janet Yellen's comments on likely need for a rate hike this year in stride. In a speech to The City Club of Cleveland, Yellen said the economy is likely to improve further, driven by higher consumer spending and continued job gains. The S&P 500 was up 25 points, or 1.2%, at 2,076. The Dow Jones Industrial Average jumped 210 points, or 1.2%, to 17,759. The Nasdaq Composite rallied 69 points, or 1.4% to 4,992.