Wall Street closes higher after Fed's chief's remarks

NEW YORK (AA) – Wall Street closed higher Monday after the head of the Federal Reserve indicated a wait and see approach to raising interest rates.

The Dow Jones was up 113 points to end the day at 17,920. The S&P 500 increased 10 points to close at 2,109 while the Nasdaq was up 26 points to end at 4,968.

It was the highest closing to date this year for the S&P 500.

Yellen's remarks suggested that the Fed is likely to wait until July before making a decision on a rate hike.

"If incoming data are consistent with labor market conditions strengthening and inflation making progress toward our 2 percent objective, as I expect, further gradual increases in the federal funds rate are likely to be appropriate," she said.

After Yellen's remarks, there was increase in crude oil prices.

At the closing bell, the American benchmark traded at $49.77 per barrel -- a 2.3 percent rise, while the international benchmark rose 1.8 percent to $50.60.