Stocks gain as Summers steps back

U.S. stock futures are moving higher as investors anticipate the 'dovish' Janet Yellen will take over as chairman of the U.S. Federal Reserve.

NEW YORK (CNNMoney)

U.S. stock futures and global markets were pushing higher as investors now anticipate Janet Yellen will take over as Fed chairman.

All three major U.S. indexes were moving up by roughly 1% ahead of the opening bell and the U.S. dollar was slipping.

Investors are excited at the prospect of Yellen taking over from current Fed chairman Ben Bernanke since she is widely expected to pursue a similar policy of stimulating the economy to bring the unemployment rate down.

Investors had been concerned that Summers, the previous frontrunner for the top Fed job, would have been more aggressive at pulling back on the monetary stimulus measures that have been pumping cash into the system and supporting stock markets around the world.

Related: Janet Yellen is again the frontrunner for Fed chair

Meanwhile, Saturday's announcement that the U.S. and Russia had created a framework to eliminate Syria's chemical weapons may also support sentiment.

The threat of imminent U.S.-led military strikes against Syria has now faded to the background, but had caused a significant amount of market volatility and spikes in oil prices. The price of light crude oil is now easing.

Looking to the day ahead, the New York branch of the U.S. Federal Reserve will publish its monthly manufacturing survey at 8:30 a.m. ET. At 9:15, the Census Bureau will release reports on industrial production and capacity utilization.

Related: Fear & Greed Index

U.S. stocks finished higher Friday, capping a strong week of gains. The Dow Jones industrial average rose by 3% last week, while the other two main indexes rose by nearly 2%. It was the best week since January for the Dow and the best week since July for the S&P 500.

European markets were solidly higher in morning trading, with Germany's Dax leading the way with a gain of nearly 1%.

Most Asian markets were climbing, though markets in Japan are closed for a holiday.

First Published: September 16, 2013: 4:47 AM ET

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