Dow Jones Industrial Average Jumps, S&P Notches 2016 High After Yellen

The Dow Jones Industrial Average (DJIA) rose quickly out of the gate, and ultimately picked up steam following a speech by Fed Chair Janet Yellen. Ahead of next week's highly anticipated June Fed meeting, and fresh off Friday's dismal jobs data, Yellen -- and a handful of other central bankers -- all but confirmed that a June rate hike isn't in the cards. Against this backdrop, and thanks to an energy-sector rally, the Dow ended the day with triple-digit gains, while the S&P 500 Index (SPX) managed to conquer the key 2,100 level to end at its highest finish this year.

Continue reading for more on today's market, including:

• 4 delusions that plague options buyers, according to founder and CEO Bernie Schaeffer.
• Ahead of tomorrow's highly anticipated earnings, one brokerage firm sees "substantial risks" for Valeant Pharmaceuticals Intl Inc (NYSE:VRX). 
• While this pair of biotechs dropped on drug data, these 2 biotechs surged.
• Plus...More on Yellen, a battle for Viacom, and a huge day for drugmakers.

The Dow Jones Industrial Average (DJIA - 17,920.33) finished the day up 113.3 points, or 0.6%. Boeing Co (NYSE:BA) led the 24 Dow winners, with a gain of 3.6%, while Home Depot Inc (NYSE:HD) lost 1.9% to finish last of the six Dow losers.

The S&P 500 Index (SPX - 2,109.41) gained 10.3 points, or 0.5%, to its highest close since November. Meanwhile, Nasdaq Composite (COMP - 4,968.71)  gained 0.5%, or 26.2 points.

The CBOE Volatility Index (VIX – 13.65) added 1.3%, or 0.2 point.

5 Items on Our Radar Today: 

1. Fed Chair Janet Yellen said she sees "good reasons to expect the positive forces supporting employment growth and higher inflation will continue to outweigh the negative ones," and "further gradual increases in the federal funds rate are likely to be appropriate," although any indication of a rate-hike timeline was noticeably absent. (Reuters)
2.  Inside the heated feud for control of Viacom, Inc. (NASDAQ:VIAB). (CNNMoney)
3. Why Wal-Mart Stores, Inc. (NYSE:WMT) is a "battleship starting to turn." 

4. Today's biotech breakouts were many, including stampede Vascular Biogenics Ltd (NASDAQ:VBLT) and Kite Pharma Inc (NASDAQ:KITE).

5. This gun stock got "hold"-stered after an analyst downgrade. 

Data courtesy of Trade-Alert

Commodities:

July-dated oil gained 2.2%, or $1.07, to close at $49.69 per barrel, just under the elusive $50 level, thanks to a weaker dollar and shortages in Nigeria and Canada. It was black gold's best finish since July.

August-dated gold ended the day up $4.50, or 0.4%, at $1,247.40 per ounce. The precious metal was off its intraday highs, though, after a speech by Fed Chair Janet Yellen.