MARKET SNAPSHOT: U.S. Stocks Creep Higher Ahead Of Brexit Vote, Yellen Testimony

By Ellie Ismailidou and Victor Reklaitis, MarketWatch

Fed's Yellen to give second day of testimony; Tesla shares dive after bid for SolarCity

U.S. stocks made a tepid move higher Wednesday morning, putting the three main indexes on pace to extend a two-day advance amid uncertainty around Thursday's U.K. referendum on European Union membership.

Investors were also bracing for a second day of congressional testimony from Federal Reserve Chairwoman Janet Yellen starting at 10 a.m. Eastern Time on the economy and monetary policy. A possible Brexit and other risks justify a cautious policy approach (http://www.marketwatch.com/story/feds-yellen-says-brexit-could-have-significant-economic-repercussions-2016-06-21), she said Tuesday.

Meanwhile, Tesla Motors Inc. (TSLA) was in the spotlight after the electric-car company headed by Elon Musk offered to buy SolarCity Corp. (SCTY) late Tuesday.

The S&P 500 rose 3 points, or 0.2%, to 2,092, led by a 0.3% gain in telecom stocks. Most of the S&P's 10 sectors were in positive territory, with utilities and energy showing early losses.

The Dow Jones Industrial Average rose 48 points, or 0.3%, to 17,880, led by a 1% gain in Boeing Co.(BA). McDonald's Corp.(MCD) was leading the losses, down 1.4%.

Meanwhile the Nasdaq Composite Index tacked on 4 points, or less than 0.1%, to 4,847.

(END) Dow Jones Newswires

June 22, 2016 09:53 ET (13:53 GMT)

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