The S&P 500 closed at a 7-month high on Monday as Federal Reserve Chair Janet Yellen painted a mostly upbeat picture of the economy but gave little sense of when a rate hike may be coming. Energy shares also boosted the market after oil ended higher for a third straight session.
The S&P energy index rose 2 percent, leading gains in the benchmark S&P 500. Yellen's remarks, which were likely her last public comments before a policy meeting next week, followed Friday's dismal monthly jobs report, which raised concerns over the ability of the economy to absorb a rate hike as early as June.
Yellen called the jobs report "disappointing," but said "one should not attach too much significance to a single report." Her remarks seemed to ease some fresh worries about the economy while also underscoring views the Fed may be in no rush to raise rates.
The S&P energy index rose 2 percent, leading gains in the benchmark S&P 500. Yellen's remarks, which were likely her last public comments before a policy meeting next week, followed Friday's dismal monthly jobs report, which raised concerns over the ability of the economy to absorb a rate hike as early as June. 
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