Wall Street gains on Fed hopes

Yellen's defence of stimulus puts Dow, S&P on track for fresh record highs.

The Dow industrials advanced toward new all-time highs after the nominee to head the Federal Reserve defended the central bank's economic stimulus efforts, though weak earnings from Cisco Systems weighed on technology stocks.

The Dow Jones Industrial Average rose 48 points, or 0.3%, to 15,869 points.

The S&P 500 index gained seven points, or 0.4%, to 1,789 points. Both indexes were on course finish at record levels.

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