FILE - In this Wednesday, Feb. 5, 2014, file photo, traders work on the floor of the New York Stock Exchange. Global stocks were higher Tuesday, Feb. 11, 2014, as investors waited for the new Federal Reserve chief's testimony to Congress, which might give clues to how quickly the U.S. central bank will withdraw its economic stimulus. (AP Photo/Richard Drew, File)
NEW YORK — U.S. stocks are higher as the new head of the Federal Reserve, Janet Yellen, signals that the central bank will continue to dial back its stimulus program if the economy keeps improving.
Investors also cheered news that Congress appears poised to raise the U.S. government’s borrowing limit without the political drama that happened late last year. That would avert the risk of a U.S. default.
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The Dow Jones industrial average rose 140 points, or 0.9 percent, to 15,942 as of noon today.
The Standard & Poor’s 500 index rose 14 points, or 0.8 percent, to 1,813 and the Nasdaq composite rose 27 points, or 0.7 percent, to 4,175.
CVS Caremark rose 2 percent after the drugstore operator reported a 12 percent increase in earnings.