U.S. stocks rebound amid Yellen's dovish comments

U.S. stocks rebounded Wednesday as Federal Reserve Chairperson Janet Yellen signaled that the risks to economy could delay rate hikes.

By 11:20 am, the Dow Jones Industrial Average gained 51 points, or 0.32 percent, to 16,065. The S&P 500 rose 15 points, or 0.8 percent, to 1,867. The Nasdaq Composite Index moved up 63 points, or 1.47 percent, to 4,331.

"Financial conditions in the United States have recently become less supportive of growth, with declines in broad measures of equity prices, higher borrowing rates for riskier borrowers, and a further appreciation of the dollar," Yellen said during the testimony before House and Senate committees.

The U.S. central bank decided to raise benchmark interest rate by 25 basis points last December, the first interest rate increase since 2006, marking the end of an era of extraordinary easing monetary policy.

The Fed's next policy meeting is March 15-16. Traders expect the Fed would leave the rate unchanged in this meeting in face of weak economic data.

U.S. stocks ended mildly lower after choppy trading Tuesday, as a broad-based sell-off in global stock markets weighed on Wall Street. Endit