US STOCKS-S&P 500 hits 7-mo high after Yellen comments
* Fed Chair Janet Yellen sounds upbeat note on economy
* Oil gains, boosts energy shares
* Indexes up: Dow 0.7 pct, S&P 0.6 pct, Nasdaq 0.7 pct (Updates to late afternoon)
By Caroline Valetkevitch
June 6 (Reuters) - The S&P 500 hit a 7-month intraday high on Monday as investors digested comments from Federal Reserve Chair Janet Yellen, who painted a mostly upbeat picture of the economy but gave little sense of when a rate hike may be coming.
Gains in oil and energy shares also boosted the market. The S&P energy index was up 1.9 percent.
Yellen's remarks, likely her last public comments before a policy meeting next week, follow Friday's dismal monthly jobs report, which raised concerns over the ability of the economy to absorb a rate hike as early as June.
"I think she's still committed to rate hikes, but she is emphasizing there's not a timetable. She didn't say 'in the next few months,' which is dovish," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
At 3:06 p.m., the Dow Jones industrial average was up 131.35 points, or 0.74 percent, to 17,938.41, the S&P 500 had gained 12.55 points, or 0.6 percent, to 2,111.68 and the Nasdaq Composite had added 32.74 points, or 0.66 percent, to 4,975.25. Continuación...