U.S. stocks closed higher on Tuesday, with the Dow and S&P 500 hitting records, as investors attempted to interpret a subtle change in emphasis in testimony by Federal Reserve Chair Janet Yellen.
Yellen told a congressional committee that the Fed is preparing to consider increases "on a meeting-by-meeting basis." While economists have been expecting a hike as soon as June, some investors saw Yellen's comments as an indicator of a later liftoff for the Fed's first rate hike since 2006.
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