Yellen said it was apt for policy makers to proceed cautiously with regards to tightening monetary policy.
The Nasdaq Composite also rose, but continues to be down 3.2% for the year.
Dow Jones and Nasdaq decline 0.3% as investors are cautious ahead of key speech from Fed chairwoman.
Oil fields owned by Centrica and Ithaca Energy and a few fields controlled by BP and Perenco will be affected.
Yellen is expected to speak at The Economic Club of New York on 29 March at 16.20 GMT.
Oil prices could touch the low $30 levels while copper could hit the $4,000 price mark.
The Dow Jones and S&P 500 made slight gains while the Nasdaq closed down.
US GDP grew at 1.4% in the fourth quarter of 2015, thanks to increased consumer spending.
BP, Shell, Chevron, Talisman Sinopec and Petrofac are among the companies that have announced job cuts.
Nikkei rises despite Japan's core inflation rate missing analyst forecasts in February.
After paring sharp losses, US stocks closed, little changed from the previous session.
Cocoa and sugar prices have increased, so this Easter will be a lot more expensive for chocolate lovers.
Dow Jones and Nasdaq in the red as oil prices decline and US durable goods orders data disappoints.
A proposed tax on imported sugar-sweetened drinks may have some surprising beneficiaries.
St Louis Fed chief James Bullard argues case for interest rate rise from US central bank in April.
Crude oil prices dropped below $40 a barrel, leading declines across the board.
FTSE and European markets struggle for direction as decline in oil prices drags energy stocks in the red.
Dow Jones and Nasdaq lose ground as oil prices tumble more than 2% and Nike shares lose almost 5%.
IEA says agreement to cut oil output is meaningless as Saudi Arabia is only country capable of increasing production.
Japan's benchmark Nikkei index down 0.6%, a day after explosions rocked Belgian capital.
The Dow Jones and S&P 500 suffered loses while the Nasdaq composite gained
Markets mount late surge to reverse losses sparked by terrorist attack in Brussels.
Dow Jones and S&P 500 edge lower after terrorist attack in Brussels kill 34 people and drag travel stocks down.
China's metal imports surge as IMF and World Bank expect Chinese economy to grow 6.5% over the next five years.
Markets declined after deadly blasts at Brussels airport and two explosions at Maalbeek Metro station.
US Federal Reserve officials hint at a potential rise in interest rates as early as April.
The S&P 500 also hit its best close since late 2015.
FTSE 100 closes flat as decline in mining stocks offsets good performance by Shire and Sainsbury's.
Dow Jones and S&P 500 unchanged from previous session as oil prices gain ground after Friday's decline.
Brent Crude and West Texas Intermediate slide as US oil rigs count increases after 12 weeks of decline.