Stocks keep climbing even after mixed message from Yellen

NEW YORK — US stocks are rising yesterday afternoon as energy companies rise along with the price of oil. Fertilizer and chemicals makers are also trading higher. Stocks wobbled but remained higher after Federal Reserve Chair Janet Yellen gave a mixed view of the economy.

KEEPING SCORE: The Dow Jones industrial average gained 97 points, or 0.6 percent, to 17,904 as of 1:30 p.m. Eastern time. The Standard & Poor's 500 index rose 8 points, or 0.4 percent, to 2,107. The Nasdaq composite index picked up 24 points, or 0.5 percent, to 4,966.

YELLEN'S TELLING: In a speech, Federal Reserve Chair Janet Yellen said the US economy is improving, but it's marked by so many uncertainties that it's not clear when the Fed should resume raising interest rates.

Her remarks come after the government released a surprisingly weak May jobs report on Friday. Yellen, who called that report "disappointing," had said recently that the Fed would probably raise interest rates in the next few months if the economy kept getting stronger. Now investors are less sure of the Fed's plans. The central bank's policymakers will meet next week.

THE QUOTE: Investment manager Luke Bartholomew of Aberdeen Asset Management said Yellen was noncommittal and investors may have been hoping for more details.

"I don't think there was enough to sort of swing the market either way," he said. Stocks weakened during Yellen's remarks but have returned to their prior levels.

ENERGY: Benchmark US crude oil rose 80 cents, or 1.6 percent, to $49.42 a barrel in New York. Brent crude, which is used to price international oils, gained 70 cents, or 1.4 percent, to $50.34 a barrel in London. That brought energy companies higher. Exxon Mobil added 67 cents to $89.04 and Chevron picked up 39 cents to $101.05.

OIL TURMOIL: The price of oil has rebounded over the last few months, but it's far lower than it was two years ago, and that's causing a lot of pain for energy companies.

Oil and gas exploration company Devon Energy said yesterday it will sell almost $1 billion in assets later this year, sending its stock up $1.50, or 4.2 percent, to $37.42. Oilfield services company Hercules Offshore filed for Chapter 11 bankruptcy protection for the second time in less than a year. Hercules plans to sell all of its assets to pay off investors, including international divisions. Its stock lost 11 cents, or 7.8 percent, to $1.30.

Rival oilfield service company Halliburton gained $1.96, or 4.6 percent, to $4.82 and Baker Hughes rose $3.04, or 6.6 percent, to $49.28.

FERTILIZER: CF Industries climbed $2.32, or 8.1 percent, to $30.93 and Mosaic rose $1.44, or 5.4 percent, to $28.14. That helped pull materials and chemicals companies higher.

ABBVIE STUDY: Drugmaker AbbVie slid after investors were disappointed with results from a study of a lung cancer drug AbbVie is acquiring. In April AbbVie agreed to buy StemCentrx for $5.8 billion, gaining the company's stem cell treatment ova-T in the process. But after the results were announced, Abbvie declined $2.96, or 4.6 percent, to $62.04.

NOT HUNGRY FOR TYSON: Food producer Tyson Foods slumped after a BMO Capital Markets analyst downgraded the food company to "Market Perform." Tyson stock fell $2.23, or 3.5 percent, to $60.99 but is up 48 percent over the last 12 months.

LAGGING THE MARKET: Retailers edged lower. Some of the biggest losses went to home improvement store chain Home Depot, which lost $2.81, or 2.1 percent, to $128.93 and its competitor Lowe's, which gave up $1.64, or 2 percent, to $78.37.

OVERSEAS: The FTSE 100 index of leading British shares jumped 1 percent as polls showed voters in the U.K. want the nation to leave the European Union. Britain will hold a referendum on membership in the 28-nation bloc on June 23 and campaigning is heating up. The British pound weakened based on the latest polls. Elsewhere Germany's DAX rose 0.2 percent and France's CAC 40 was little changed. Japan's Nikkei 225 fell nearly 0.4 percent and Hong Kong's Hang Seng added 0.4 percent.

CURRENCIES: As bond prices fell, the yield on the 10-year US Treasury note rose to 1.71 percent from 1.70 percent. The dollar rose to 106.88 yen from 106.68 yen. The euro inched up to $1.1385 from $1.1347.