NEW YORK (AP) — Stocks are closing higher as Wall Street recovered some of this week's steep losses ahead of a highly anticipated speech by the Federal Reserve chair later this week.

The S&P 500 ended 0.3% higher Wednesday. The Dow Jones Industrial Average and Nasdaq also inched higher.

Trading has been quiet the last two days ahead of a speech on Friday by Jerome Powell. Investors hope he'll offer clarity about where rates are heading.

Treasury yields rose after a report showed orders for long-lasting goods were stronger in July than expected, excluding transportation.