Wall Street gains on Yellen boost, Washington eyed

NEW YORK (Reuters) - U.S. stocks edged up at the open on Wednesday, with the S&P 500 bouncing back after its largest drop since August, on expectations Janet Yellen will be tapped to head the U.S. Federal Reserve.

The Dow Jones industrial average rose 10.21 points, or 0.07 percent, to 14,786.74, the S&P 500 gained 2.46 points, or 0.15 percent, to 1,657.91 and the Nasdaq Composite added 5.328 points, or 0.14 percent, to 3,700.161.

Investors kept an eye on the political stalemate in Washington, which may impact the fiscal standing of the United States and its economic recovery.

(Reporting by Rodrigo Campos; Editing by Bernadette Baum)