U.S. stocks closed higher Wednesday, as earnings, economic data, and Janet Yellen brought good news. In U.S. economic news, Federal Reserve (Fed) Chief Yellen sent a clear message to Wall Street to stop panicking about interest rates. "Interest rates will likely stay at current levels for a considerable time after asset purchase program ends," she said. Investors took this as more assurance that rates are not going up any time soon, and the market held steady and then ticked up slightly after she finished her remarks. Also, the government released housing data that showed new home construction rose from February, though it was down from a year ago. In international economic news, there was comforting news from China. The world's second largest economy grew at an annual rate of 7.4 percent in the first quarter. The major European markets closed mostly higher, with Germany's Dax index up by over 1 percent. Nearly all Asian markets ended with gains. The Nikkei in Japan surged by 3 percent. The dollar gained ground against the pound, but lost ground versus the euro and the yen. Light sweet crude oil for May delivery added 1 cent to $103.76 a barrel on the New York Mercantile Exchange. Gold futures climbed $3.20 to $1,303.50 an ounce. The Dow Jones industrial average moved up 162.29, or 1.00 percent, to 16,424.85. The broader Standard & Poor's 500 index gained 19.33, or 1.05 percent, to 1,862.31. The technology-heavy Nasdaq composite index rose 52.07, or 1.29 percent, to 4,086.23.
