US STOCKS-Wall Street rises as Yellen pleases investors
* Yellen says global risks remain
* Bank stocks worst-hit after her comments
* Indexes up: Dow 0.46 pct, S&P 0.7 pct, Nasdaq 1.39 pct (Updates to afternoon trading)
By Noel Randewich
March 29 (Reuters) - The S&P 500 lifted into positive territory on Tuesday after Federal Reserve Chair Janet Yellen said the central bank should proceed "cautiously" on raising interest rates - music to Wall Street's ears.
In her first comments since the Fed held steady on rates earlier this month, Yellen said global risks remained, including uncertainty over China and low oil prices.
Yellen's cautious tone contrasted with recent comments from other policymakers, including the chiefs of the Philadelphia and Atlanta Federal Reserves, who had expressed support for a more aggressive approach to raising interest rates this year.
Fed funds futures implied that traders now see a 46 percent chance the Fed will raise rates by a quarter point at its July policy meeting, below the 51 percent chance seen on Monday, according to CME Group's FedWatch program.
The market liked Yellen's "moderate" remarks, said Peter Cardillo, chief market economist at First Standard Financial in New York. "She's basically throwing a little cold water on the said 'hawkishness' that the market was worried about last week." Continuación...