Stock futures up, Obama to name Yellen as Fed chair

Traders work on the floor of the New York Stock Exchange
Traders work on the floor of the New York Stock Exchange, October 7, 2013. REUTERS/Brendan McDermid

TOKYO (Reuters) - U.S. S&P 500 E-mini futures rose 0.3 percent in early Asian trade on Wednesday after a White House official said U.S. President Barack Obama will nominate Federal Reserve Vice Chairwoman Janet Yellen to be the next head of the U.S. central Bank.

The gains in the S&P E-mini futures suggested a firmer open for U.S. stocks on Wednesday after the Standard & Poor's 500 index (^GSPC) shed 1.2 percent on Tuesday as little progress was made to end political wrangling in Washington that could lead to a U.S. debt default.

(Reporting by Dominic Lau; Editing by Richard Pullin)