Stocks: Set to hit fresh highs

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NEW YORK (CNNMoney)

Both the S&P 500 and Dow Jones Industrial Average gained 0.3% ahead of the open, set to hit fresh record highs after a surge on Wednesday. Global stock markets also traded higher.

Yellen -- who is expected to become the new head of the Fed in early 2014 -- will appear before the Senate Banking Committee at 10:00 a.m. ET.

Her prepared remarks to the committee, released late Wednesday, show that she intends to encourage growth by maintaining accommodative monetary policies.

The comments gave market participants hope that Yellen would continue the Fed's current $85-billion-per-month bond-buying program for the next few months. The program -- also known as quantitative easing or 'QE' -- has helped spur stocks by pumping markets with extra cash.

Related: Fear & Greed Index

Investors are also waiting for the U.S. to release its weekly report on initial jobless claims at 8:30 a.m., as well as monthly data on the trade balance.

In earnings news, Wal-Mart (WMT, Fortune 500) and Viacom (VIA) are set to report before the opening bell.

Shares in Cisco (CSCO, Fortune 500) sank by roughly 11% after the closing bell Wednesday. The tech giant reported weak quarterly sales and guidance.

Related: Japan's economy slows dramatically

U.S. stocks pushed ahead Wednesday, with the Dow and S&P 500 closing at new record highs.

European markets were up nearly 1% in morning trading, with international investors encouraged by Yellen's expected comments. Data out Wednesday showed the euro zone grew by 0.1% in the third quarter, in line with economists' expectations.

Asian markets ended the day with gains. A weaker yen helped Japan's Nikkei jump 2.1%. The currency eased after official figures showed the country's economy grew 1.9% in the third quarter - a sharp slowdown from the previous quarter.

First Published: November 14, 2013: 6:12 AM ET

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