Stock futures up on Yellen; retail sales awaited
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Stock futures up on Yellen; retail sales awaited
MADRID (MarketWatch)—U.S. stock market futures rose on Wednesday, bucking persistent fiscal-cliff worries after Federal Reserve Vice Chair Janet Yellen backed a major change in the central bank’s communication policy, and results from tech giant Cisco Systems Inc. topped forecasts.
Retail sales and producer price data, along with minutes of the latest Federal Open Market Committee meeting will be among the day’s highlights, along with a news conference by President Barack Obama.
Futures for the Dow Jones Industrial Average (CBOT JZ2) rose 56 points, or 0.4%, to 12,773, while those for the Standard & Poor’s 500 index (GLC:SPZ2) rose 7.1 points, or 0.5%, to 1,378.
Futures for the Nasdaq 100 index (CME:NDZ2) gained 18 points, or 0.7%, to 2,578.50.
In a speech on Tuesday, Yellen proposed linking the Fed’s zero interest-rate policy to a dual inflation and employment goal. Her backing is significant because she’s an influential member of the central bank and viewed as a top candidate to replace Chairman Ben Bernanke if he leaves his post in early 2014.
http://www.marketwatch.com/story/stock-future...2012-11-14