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U.S. Stock Futures Signal Higher Open

Gazala Parveen

Wall Street looked set to extend gains Wednesday, a day after Federal Reserve's new chairperson Janet Yellen pledged to continue with the central bank's low interest rate policy.

Futures on the S&P 500 index were up 4.00 points at 1817.50 points while those on the Nasdaq index gained 10.00 points to 3622.80 points.

On Tuesday, Wall Street stocks rallied after Yellen hinted interest rates would remain low for a prolonged period. She also noted that although recovery in the U.S. labor market is "far from complete", she would continue with the Fed's plan to phase out its monthly asset purchase program completely by the year-end.

Earlier in the day, data released in China showed the country's trade surplus in January widened to $31.86 billion from a surplus of $25.6 billion in December. The data came in above expectations, easing fears of slowdown in the world's second-largest economy.

Sentiment was largely positive across global markets -- Asian stocks traded higher while European markets were also up for a sixth consecutive session.

Back home on the earnings front, CBS CBS, Cisco (CIS) , Deere (DEER) and Whole Foods (WFM) are among those set to report results today.

On the economic calendar, we have the MBA mortgage applications data at 7:00 a.m. Eastern Time.

FOMC member James Bullard will deliver a speech at 8:45 a.m. while the Treasury Department's Federal Budget Balance will be published at 2:00 p.m.

The Treasury will also hold auction of 10-year notes at 1:00 p.m.