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US stocks close higher after Fed chair Janet Yellen testimony

iStock/Thinkstock(NEW YORK) -- The major indexes closed with record highs for a fourth straight day after comments on interest rates from Federal Reserve chairwoman Janet Yellen.

The Dow jumped 92.25 (+0.45 percent) to finish at 20,504.41.

The Nasdaq gained 18.62 (+0.32 percent) to close at 5,782.57, while the S&P 500 finished at 2,337.58, up 9.33 (+0.40 percent) from its open.

Crude oil prices were about $53 a barrel; up less than 1 percent.

Federal Reserve: Yellen testified before the Senate Banking Committee on Tuesday and indicated that another rise in interest rates could come sooner rather than later. She did not say when a rate hike was likely, but said, "Waiting too long to remove accommodation would be unwise, potentially requiring the [Federal Open Market Committee] to eventually raise rates rapidly."

Winners and Losers:
Shares in General Motors soared 5 percent after reports that French car manufacturer Peugeot is interested in buying GM's European Opel brand.

Tata Motors Limited reported a 96 percent drop in quarterly profit, causing shares to sink 11 percent.

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