Stocks close off session highs in post-Yellen rally

By Around the Web

(CNBC) — U.S. stocks closed higher Wednesday, with tech stocks leading, as equities extended Tuesday afternoon’s gains following Fed Chair Janet Yellen’s cautious stance on the path of tightening.

“It’s a continuation to what we saw yesterday,” said JJ Kinahan, chief strategist at TD Ameritrade. He also noted that as the Friday jobs report neared traders would likely be setting up positions.

The major averages closed well off session highs, with the Dow Jones industrial average up 83 points after earlier gaining 157 points. Oil gave up sharp gains, while biotech stocks reversed to close lower.

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