Wall Street opens higher on Yellen's rate comments

(Reuters) - Wall Street opened higher on Wednesday after Federal Reserve Chair Janet Yellen said rates hikes would be gradual and will not have to rise all that much further to reach neutral level.

The Dow Jones Industrial Average rose 106.47 points, or 0.5 percent, to 21,515.54. The S&P 500 gained 12.81 points, or 0.52 percent, to 2,438.34. The Nasdaq Composite added 46.80 points, or 0.76 percent, to 6,240.11.

(Reporting by Tanya Agrawal; Editing by Arun Koyyur)