US futures rise as Fed chairman heads to The Hill

US stock futures moving higher as Fed chairman addresses Congress; consumer confidence tested

Associated Press
US futures rise as Fed chairman heads to The Hill
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FILE - In this Thursday, Sept. 13, 2012, file photo, Federal Reserve Chairman Ben Bernanke speaks during a news conference in Washington. Bernanke will give his semiannual report to the Senate Banking Committee on Tuesday Feb. 26, 2013. (AP Photo/Manuel Balce Ceneta, File)

NEW YORK (AP) -- Futures are rising as Chairman Ben Bernanke heads to Capitol Hill to explain what the Federal Reserve will do to accelerate the economic recovery only days before a series of mandatory budget cuts kick in.

Dow Jones industrial futures are up 38 points to 13,826. The broader S&P futures have added 4.3 points to 1,491.50. Nasdaq futures are up 5.25 points to 2,707.50.

When the chairman goes before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday, he will be questioned about the Fed's bond-buying program, which has been used to keep the economy flush with cash.

Also Tuesday, the government posts new home sales numbers for January and the private Conference Board releases its consumer confidence report for February.

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