* Fed projects slower path of rate hikes than expected in Dec
* Indexes up: Dow 0.14 pct, S&P 0.20 pct, Nasdaq 0.66 pct (Adds comments by Yellen)
By Abhiram Nandakumar
March 29 (Reuters) - Wall Street swung into positive territory on Tuesday after U.S. Federal Reserve Chair Janet Yellen said it was appropriate for the Fed to proceed “cautiously” in raising interest rates.
Global developments and risks have led policymakers to project slower path of rate hikes than initially expected in December, Yellen said.
Yellen, speaking in New York, said global risks remain, including uncertainty over China and path of oil prices.
The central bank has said it will depend on economic data for a decision on rates, but several policymakers have voiced support for more than one increase this year.
At 12:26 p.m. ET the Dow Jones industrial average was up 24.41 points, or 0.14 percent, at 17,559.8, the S&P 500 was up 4.1 points, or 0.2 percent, at 2,041.15 and the Nasdaq Composite was up 31.61 points, or 0.66 percent, at 4,798.40.
Eight of the 10 major S&P sectors were higher. The S&P financial sector fell 0.54 percent, with banks the worst hit. (Reporting by Yashaswini Swamynathan and Abhiram Nandakumar in Bengaluru; Editing by Saumyadeb Chakrabarty)