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Stock markets solid after Yellen remarks

Stocks are edging mostly higher, setting the market up for its first gain after three down days.

Traders were encouraged early Wednesday by word from Federal Reserve Chair Janet Yellen that the central bank will be cautious about raising interest rates.

Several big media companies were having a bad day.

Disney dropped 4 percent after reporting that its ESPN network had hit a soft patch. Time Warner plunged 7 percent after its revenue fell short of forecasts.

The Dow Jones industrial average rose 61 points, or 0.4 percent, to 16,072.

The Standard & Poor’s 500 index gained 11 points, or 0.6 percent, to 1,862. The Nasdaq composite climbed 36 points, or 0.8 percent, to 4,304.

Bond prices barely budged. The yield on the 10-year Treasury held steady at 1.73 percent.


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