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Wall Street looked to snap a three-day slump on Tuesday after the Senate confirmed dovish Janet Yellen for the top spot at the Federal Reserve.
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As of 8:00 a.m. ET, Dow Jones Industrial Average futures jumped 66 points, or 0.4%, to 16431, S&P 500 futures advanced 6.5 points, or 0.36%, to 1827 and Nadsaq 100 futures climbed 15.5 points, or 0.44%, to 3533.
The S&P 500 has fallen for three days in a row -- the worst start to a year since 2008 for the broad-market barometer. However, the mood across world trading desks was cheerier Tuesday after the Senate confirmed Janet Yellen to replace Ben Bernanke as head of the Federal Reserve.
"Our U.S. economics team believes that the most important aspect of Ms Yellen’s appointment is continuity in monetary policy," analysts at Nomura told clients, adding, "she has been a leader of the 'core' group that appears to have driven policy in recent years."
The Fed's aggressive,and unorthodox, monetary policy has been cited as a significant driver of the big gains in Wall Street seen in the last year. Analysts broadly expect Yellen to keep her foot sealed firmly to the economic accelerator.
Still, there could be some bumps in the road ahead. Economists at Goldman Sachs told clients late Monday chillly weather sweeping across the country could "depress" December jobs growth below trend levels and potentially affect other economic indicators as well.
A reading on U.S. trade for the month of November is due out at 8:30 a.m. ET. The data are a lagging indicator, but they will figure directly into measures of fourth-quarter economic growth.
In corporate news, Eli Lilly (NYSE:LLY) revealed 2014 profit estimates that matched analysts' estimates. AOL (NYSE:AOL) made a failed attempt to buy Business Insider for $100 million, sources told FOX Business Network.
In commodities, U.S. crude oil futures climbed 65 cents, or 0.7%, to $94.07 a barrel. Wholesale New York Harbor gasoline jumped 1% 5o $2.672 a gallon. Gold fell 60 cents, or 0.05%, to $1,237 a troy ounce.