NEW YORK (Reuters) - Stocks extended gains in late morning trading on Tuesday after the S&P 500 broke through technical resistance, trading above its 50-day moving average for the first time since January 24.
The gains came as Federal Reserve Chair Janet Yellen made clear during her first public comments as head of the U.S. central bank she would not make any abrupt changes to monetary policy.
The Dow Jones industrial average <.DJI> rose 120.55 points or 0.76 percent, to 15,922.34, the S&P 500 <.SPX> gained 12.1 points or 0.67 percent, to 1,811.94 and the Nasdaq Composite <.IXIC> added 23.237 points or 0.56 percent, to 4,171.411.
The S&P's 50-day average is now just above 1,809.
Stocks also saw a potential headwind removed when Republican leaders in the U.S. House of Representatives caved in to demands by President Barack Obama and agreed to advance legislation raising Washington's borrowing authority.
(Reporting by Rodrigo Campos; Editing by Nick Zieminski)
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