U.S. stocks open higher after Fed chief's comments

U.S. stocks opened higher on Tuesday, as Wall Street cheered U.S. Federal Reserve chief Janet Yellen's dovish speech.

Shortly after the opening bell, the Dow Jones Industrial Average gained 66.91 points, or 0.37 percent, to 17,987.24. The S&P 500 rose 3.68 points, or 0.17 percent, to 2,113.09. The Nasdaq Composite Index ticked up 0.43 points, or 0.01 percent, to 4,969.14.

Traders have kept a close eye on her comments for clues on the timing of the next interest rate hike. Yellen said Monday that the overall labor market is quite positive, although the recent slowdown in jobs requires "close watching."

Yellen said that an additional rate increase would still be possible but did not give a specific time for the next hike.

The U.S. total nonfarm payroll employment increased by 38,000 in May, well below the market consensus of 158,000 and notching the fewest monthly job gains in almost six years.

Investors predicted that a sharp decline in the hiring situation may push back the central bank's decision to raise interest rates in June.

Some analysts believed that a June rate hike is off the table after the disappointing jobs report, but July is still possible.

However, Chris Low, chief economist at FTN Financial, said Tuesday that the Fed is unlikely to raise the interest rate in June or July, because it would take time for the June employment number to recover from its lows from March through May. Endi