US STOCKS-Wall St rises as Yellen strikes cautious note on rates
* Yellen says global risks remain
* Bank stocks worst-hit after her comments
* Indexes up: Dow 0.26 pct, S&P 0.38 pct, Nasdaq 1.03 pct (Adds details)
By Abhiram Nandakumar
March 29 (Reuters) - U.S. stocks swung into positive territory on Tuesday after Federal Reserve Chair Janet Yellen said the central bank should proceed "cautiously" on raising interest rates.
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 several 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.
Peter Cardillo, chief market economist at First Standard Financial in New York, said the market liked Yellen's "moderate" remarks. "She's basically throwing a little cold water on the said 'hawkishness' that the market was worried about last week." Continuación...