U.S. stocks open higher ahead of Yellen conference

U.S. stocks opened higher on Wednesday as investors were eagerly awaiting Fed Chair Janet Yellen' s news conference in the afternoon.

The Fed kicked off its two-day meeting Tuesday. Though it is unlikely to raise interest rates at this meeting, investors still kept a close eye on the central bank's statement and Yellen's conference after the meeting for clues on the timing of a possible rate hike.

Traders will watch closely on how officials view the U.S. economy as well. The Fed has said it will raise rates only when it sees an improvement in the economy.

Greece remains in focus ahead of Thursday's Eurogroup meeting in Luxembourg, which many believe is the last chance before Greece's EU bailout expires by the end of June.

One of Greece's leading economists, Professor Michalis Psalidopoulos, was appointed as the country's new representative to the International Monetary Fund, a Greek Finance Ministry press release said on Wednesday.

The decision was made when a debt deal with international lenders to avoid a Greek default was still up in the air.

Shortly after the opening bell, the Dow Jones Industrial Average rose 55.42 points, or 0.31 percent, to 17,959.90. The S&P 500 ticked up 6.07 points, or 0.29 percent, to 2,102.36. The Nasdaq Composite Index added 15.83 points, or 0.31 percent, to 5,071.39. Endit