US STOCKS-Wall St to open slightly higher; Yellen testimony due

martes 11 de febrero de 2014 10:15 GYT
 

* Yellen, new Fed chair, takes hot seat at Capitol

* Yellen says labor market recovery far from complete

* CVS climbs after results

* Futures up: S&P 1.75 pts; Dow 26 pts; Nasdaq 8.5 pts

By Chuck Mikolajczak

NEW YORK, Feb 11 (Reuters) - U.S. stocks were set for a slightly higher open on Tuesday after Federal Reserve Chair Janet Yellen reinforced the Fed's plan to scale back its market-friendly stimulus while noting the health of the labor market needed to improve.

In her first public comments as Fed chief, Yellen, giving a balanced testimony to a House committee, acknowledged recent volatility in global financial markets but said it did "not pose a substantial risk to the U.S. economic outlook," and that she strongly supported the policy approach of her predecessor, Ben Bernanke.

"Obviously it's all about Yellen today," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

"We are setting ourselves up for what could be a volatile session if there are any negative surprises, by that I mean if she is not as dovish as the market may be expecting."   Continuación...