(CNBC) — U.S. stocks stepped tentatively higher on Monday after Wall Street's best weekly performance this year, as investors waited to hear from Federal Reserve Chair Janet Yellen, who makes her first monetary policy report to lawmakers on Tuesday.
The most important event for Wall Street this week should be Yellen's testimony before the U.S. House of Representatives on Tuesday, followed by the Senate on Thursday, said Phil Orlando,chief equity strategist at Federated Investors. "From my perspective, I would like to see a continuation of the taper, if that is the policy that is support by their analysis of the economy," he added.
"Yellen is likely to let it (tapering) be as she explains Fed policy to Congress," Paul Nolte, a portfolio manager at Kingsview Asset Management, wrote in emailed comments.
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