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US stocks waver in late-afternoon trading

U.S. stocks were drifting between small gains and losses in late-afternoon trading Wednesday as investors weighed the implications of the Federal Reserve's latest signals on interest rates. In her semiannual report to Congress, Fed Chair Janet Yellen said the central bank would likely move more slowly to raise interest rates if the economy disappoints.

KEEPING SCORE: The Dow Jones industrial average rose one point to 16,015 as of 3:01 p.m. Eastern Time. The Standard & Poor's 500 gained 11 points, or 0.6 percent, to 1,863. The Nasdaq composite added 49 points, or 1.2 percent, to 4,317. Stocks are coming off a three-day losing streak.

THE FED SPEAKS: Yellen offered no...