Futures rise ahead of Yellen nomination to Fed

NEW YORK — Stock futures are higher with President Barack Obama set to nominate Janet Yellen to head the Federal Reserve.

Dow Jones industrial futures are up 35 points to 14,749. S&P futures have gained 4.9 points to 1,655.30. Nasdaq futures are up 8.75 points to 3,159.50.

Yellen has been a key ally of Fed Chairman Ben Bernanke and has piloted the bank's massive bond-buying program.

U.S. corporations are posting mixed results to begin the earning season.

Alcoa easily beat expectations, while Costco and Yum Brands fell short.

Also on Wednesday, Jos. A. Bank Clothiers said that it's bidding $2.3 billion for Men's Wearhouse.

The Federal Reserve releases the minutes of its September policy meeting after surprising economists last month by not reducing its $85 billion in monthly bond purchases.

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