(Reuters) – Stocks rose 1 percent on Wednesday, advancing for a third straight session as Federal Reserve Chair Janet Yellen reaffirmed the central bank’s commitment to keeping interest rates low and Yahoo rallied.
Data showing Chinese economic growth exceeded expectations and U.S. industrial production rose for a second straight month also improved sentiment, though Bank of America (BAC.N) andCSX Corp (CSX.N) sold off following their results.
Yellen, speaking in New York, reaffirmed the Fed’s commitment to keep interest rates low, even after ending its bond-buying program, as long as inflation remains below target and unemployment elevated. The Fed’s Beige Book, a report of anecdotal information onbusiness activity, showed that activity picked up in most regions in recent weeks.
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