US STOCKS-Wall St rises as Yellen strikes cautious note on rates
* Fed projects slower path of rate hikes than expected in Dec
* Bank stocks worst-hit after Yellen comments
* Indexes up: Dow 0.41 pct, S&P 0.50 pct, Nasdaq 1.03 pct (Adds details, changes comment)
By Abhiram Nandakumar
March 29 (Reuters) - Wall Street swung into positive territory on Tuesday after U.S. Federal Reserve Chair Janet Yellen said the central bank should proceed "cautiously" on raising interest rates.
Global developments and risks have led policymakers to project slower path of rate hikes than initially expected in December, Yellen said.
In her first comments after the Fed held steady on rates earlier this month, Yellen said global risks remained, including uncertainty over China and low oil prices.
"They were moderate remarks and the markets like what they are hearing," 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...