US stocks post modest gains after a sell-off the day before; Yellen's comments remain in focus

NEW YORK, N.Y. – U.S. stock prices are closing moderately higher, recovering from a sell-off the day before.

Investors remained cautious Thursday following comments a day earlier from Federal Reserve Chair Janet Yellen, who suggested that stock prices might be too high.

The Dow Jones industrial average rose 82 points, or 0.5 per cent, to 17,924. The index is coming off of two days of losses and is up less than 1 per cent for the year.

The Standard & Poor’s 500 index seven points, or 0.4 per cent, to 2,088. The Nasdaq increased 25 points, or 0.5 per cent, to 4,945.

Whole Foods slumped 10 per cent after its sales fell short of estimates.

Crude oil dropped 3 per cent to $58.94 a barrel.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.19 per cent.