U.S. stocks end mixed after Yellen's remarks

U.S. stocks closed mixed Tuesday, as Wall Street continued to assess U.S. Federal Reserve Chair Janet Yellen's speech on the U.S. economy.

The Dow Jones Industrial Average rose 17.95 points, or 0.10 percent, to 17,938.28. The S&P 500 added 2.72 points, or 0.13 percent, to 2,112.13. The Nasdaq Composite Index fell 6.96 points, or 0.14 percent, to 4,961.75.

Yellen said Monday that gradual interest rate hikes remain appropriate, but avoided providing precise timing for the central bank's next move.

"The positive economic forces have outweighed the negative, and despite the challenges that the economy continues to face, I continue to expect further progress toward our employment and inflation objectives," Yellen said in a speech at the World Affairs Council of Philadelphia.

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

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 gain in almost six years.

"The Fed is unlikely to raise interest rate in June or July, because it would take a doozy of a June employment rebound to unwind the weakness of March through May," said Chris Low, chief economist at FTN Financial, in a note.

Overseas, European equities increased broadly Tuesday amid rising oil prices. German benchmark DAX index at Frankfurt Stock Exchange jumped 1.65 percent, while French benchmark index CAC 40 gained 1.19 percent.

In Asia, Tokyo stocks closed higher Tuesday as the yen's depreciation against the U.S. dollar encouraged buying. The 225-issue Nikkei Stock Average added 95.42 points to end at 16,675.45. Endit