Stocks hit session highs on Yellen talk

SAN FRANCISCO (MarketWatch) -- U.S. stocks hit session highs Wednesday afternoon, shedding morning losses, as investors speculated that the upcoming testimony from Federal Reserve Vice Chair Janet Yellen would be pro-monetary stimulus. The Dow Jones Industrial Average (DJIA) was up 15 points at 15,765, recovering after a 78-point deficit. The Nasdaq Composite (COMP) was up 27 points, or 0.7%, to 3,946. The S&P 500 (SPX) added 7 points, or 0.4%, to 1,774, on track for a record close. Tom di Galoma, head of U.S. fixed-income rates sales at ED&F Man Capital Markets, said there was talk Yellen's testimony could be released Wednesday after the close. Yellen, whom President Obama has nominated to be the next Fed chief, is scheduled to testify on Thursday.