Stock Futures Hold Gains as Yellen Backs Fed Path

By MarketsFOXBusiness

FOX Business: Capitalism Lives Here

U.S. stock-index futures climbed Tuesday, extending tepid gains from the last session, after Fed chief Janet Yellen said she fully backs the central bank's monetary policy.

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Today's Markets

As of 8:43 a.m. ET, Dow Jones Industrial Average futures jumped 60 points, or 0.38%, to 15799, S&P 500 futures climbed 6.3 points, or 0.35%, to 1801 and Nasdaq 100 futures advanced 13.3 points, or 0.37%, to 3591.

It's all about the Federal Reserve Tuesday. Janet Yellen is set to give her first Congressional testimony as head of the powerful central bank.

Yellen said in prepared remarks she stands by the central bank’s current monetary policy. Yellen noted the Fed has kept a close eye on recent volatility in the global financial markets, but said at this point, the movements “don’t pose a substantial risk to the U.S. economic outlook.”

The economic calendar is fairly light, with a report due out on wholesale inventories at 8:30 a.m. ET. The data generally don't shake Wall Street, but they do frequently spark adjustments to investment banks' economic forecasts.

In corporate news, CVS Caremark (NYSE:CVS) shares rose on the back of a quarterly profit advance for the No. 2 U.S. drugstore chain. Sprint (NYSE:S) shares surged after the telecommunications company posted a narrower-than-expected quarterly loss.

Elsewhere, U.S. crude oil futures rose 11 cents, or 0.11%, to $100.17 a barrel. Wholesale New York Harbor gasoline climbed 0.49% to $2.738 a gallon. Gold jumped $13, or 1%, to $1,288 a troy ounce.

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