US stocks rise after Yellen affirms rate hike

New York - Wall Street stocks opened higher on Friday after Federal Reserve chair Janet Yellen said she still expects to raise interest rates in 2015.

Five minutes into trade, the Dow Jones Industrial Average stood at 16 383.82, up 182.50 points.

The broad-based S&P 500 rose 0.75% to 1 946.67, while the tech-rich Nasdaq Composite Index gained 0.83% to 4 773.62.

Yellen said late on Thursday that the Fed will continue to monitor weakness in overseas economies, but that an increase in benchmark interest rates is "likely" later this year. She said conditions in the US "generally appear solid."

Supporting that, the Commerce Department reported that the US economy grew at a peppy 3.9% rate in the second quarter, up from the 3.7% growth previously estimated.

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