Midday Report: Crude Stockpiles Fall for Second Week; SunTrust Ups Nvidia

Stocks rallied as Fed Chair Janet Yellen soothed fears over low-inflation risks and reiterated plans to unwind its balance sheet as soon as this year. Yellen said that rate increases would be gradual and not many would be needed to reach neutral. Crude oil rose after a sharp drop in weekly domestic inventories data from the Energy Information Administration. U.S. crude stockpiles fell by 7.6 million barrels in the past week, their second weekly decline a row. Nvidia (NVDA) - Get Report rose after SunTrust Robinson upgraded its rating to BUY from HOLD. Analysts anticipate upside to revenue and profit over the next year. The firm increased its fiscal 2018 earnings guidance. American Airlines (AAL) - Get Report gained after upping its second-quarter outlook on increased passenger yields. Total revenue per available seat mile is expected to climb by 5% to 6% over the quarter.