US stocks post solid weekly gains

US stocks closed with mild gains on Friday, posting their largest weekly gains in over 2 months, despite Fed Chair Janet Yellen signaled a rate hike may be appropriate in the coming months.

The Dow Jones Industrial Average gained 44.93 points, or 0.25%, to end at 17,873.22, recording a 2.1% weekly gain. The S&P 500 Index rose 8.96 points, or 0.43%, to close at 2,099.06, 2.2% higher over the week. The Nasdaq Composite Index climbed 31.74 points, or 0.65%, to finish at 4,933.50, for a 3.3% weekly gain.

Speaking in Harvard, Federal Reserve Chair Janet Yellen signaled a rate hike this summer.  “It’s appropriate for the Fed to gradually and cautiously increase our overnight interest rate over time and probably in the coming months such a move would be appropriate,” Yellen said.