Stocks up as investors watch Yellen

NEW YORK (CNNMoney)

The Dow, S&P 500 and Nasdaq are all up in early trading.

Stocks got a late boost Wednesday from Federal Reserve chairwoman Janet Yellen, when she made remarks to a congressional panel signaling her central bank's continued support for the economy, although she again refused to give clues about when the Fed might raise interest rates.

Investors will be hoping for a repeat performance Thursday when she appears before a Senate committee.

Related: Fear & Greed Index still gripped by fear

The other story on Wall Street is the ongoing pressure on so-called momentum stocks, especially tech. The Nasdaq fell yesterday and is off more that 2% for the year as investors question whether these companies are overvalued.

Shares of Tesla (TSLA) tanked 10%. The company's earnings beat expectations Wednesday, but Tesla forecast that expenses will continue to rise as it expands into China, develops its next vehicle and breaks ground on a new factory.

SolarCit (SCTY)surged 10% after the solar panel company beat earnings estimates and subsequently received a series of analyst upgrades.

Related: Are stocks overpriced? A bull and bear weigh in

The Keurig Green Mountain (GMCR) coffee machine is on overdrive this morning. Shares spiked after the company posted double-digit sales and earnings growth for the first quarter. The company also announced the expansion of its partnership with the J.M. Smucker Company (SJM, Fortune 500). The deal makes Smucker's coffee brands such as Folgers available in Keurig products and brewing systems.

Dish Network (DISH, Fortune 500) declined after the satellite provider reported lower profit for the quarter and said it added television subscribers at a slower pace than the same period last year.

Barclays (BCS) got a boost in London trading after the bank said it would cut 19,000 jobs over the next three years.

Related: Barclays to shed 19,000 jobs over three years

European markets were all rising in afternoon trading and nearly all Asian markets closed with gains.

First Published: May 8, 2014: 9:58 AM ET

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