Stocks close at highest level of the year

NEW YORK – Stocks closed at their highest level of the year as investors welcomed the latest signal from the Federal Reserve that it would move slowly to raise interest rates.

The market shook off an early loss Tuesday and moved higher after Federal Reserve Chair Janet Yellen said the central bank remains cautious about raising rates.

Technology companies rose more than the rest of the market, led by big gains in Apple and Microsoft.

It was the biggest gain for U.S. stocks in more than two weeks.

The Dow Jones industrial average climbed 97 points, or 0.6 percent, to 17,633.

The Standard & Poor’s 500 index added 18 points, or 0.9 percent, to 2,055. The Nasdaq composite rose 80 points, or 1.7 percent, to 4,846.