U.S. stocks closed at highs Tuesday, as Federal Reserve (Fed) Chair Janet Yellen's congressional testimony indicated that a rate hike would likely come later rather than sooner. In U.S. economic news, Yellen said that no rate hike is expected for the next few Fed meetings. She said that the Fed would not raise rates before it found confidence in the economic recovery, overcoming current concerns about the labor market, below-objective inflation and the decline in energy prices. The S&P/Case-Shiller composite index of home prices in 20 cities increased by 4.5 percent in December from the same period last year. Consumer confidence fell more than expected in February, pulling back from a multi-year high. The dollar traded flat against major world currencies. Light sweet crude oil for April delivery fell 17 cents to $49.28 a barrel on the New York Mercantile Exchange, while gold futures dropped $3.50 to $1,197.30 an ounce. The Dow Jones industrial average added 92.54, or 0.51 percent, to 18,209.38. The broader Standard & Poor's 500 index gained 5.82, or 0.28 percent, to 2,115.48. The technology-heavy Nasdaq composite rose 7.15, or 0.14 percent, to 4,968.12.
