11-13-13 5:21 PM EST | Email Article
 

By Laura Mandaro, MarketWatch

 

SAN FRANCISCO (MarketWatch)--Stock index futures extended gains in after-hours trading Wednesday after Janet Yellen, the likely next chairwoman of the Federal Reserve, released testimony that defended quantitative easing. Cisco Systems Inc shares dropped after a revenue miss.

 

December futures for the Dow Jones Industrial Average (DJZ3) were up 86 points, or 0.6%, at 15,797. They had been up about 62 points before the testimony was released at 4:30 p.m. Futures for the Standard & Poor's 500 index (SPZ3) gained 16.10 points, or 0.9%, to 1,781. Futures for the Nasdaq-100 (NDZ3) were up 40 points, or 1.2%, at 3,405.

 

The push higher follows a rally in the regular session that lifted the Dow and S&P 500 to record closes. Stocks had shed early losses as investors began to position for the Yellen testimony, which was expected for release Thursday at the start of her confirmation hearing. At about the time of the reverse, there was also talk that the testimony would be released early. President Barack Obama has nominated Yellen, who must be confirmed by the Senate, to succeed Fed Chairman Ben Bernanke.

 

Gold (GCZ3) extended gains from its settlement on the Comex division of the New York Mercantile Exchange. It recently traded up $10, or 0.8%, to $1,280.90 an ounce. Treasurys also extended gains, while the British pound (GBPUSD) rose against the U.S. dollar.

 

Also after hours, Cisco (CSCO) shares fell 6%, deepening losses during the company's conference call as the company gave an outlook. While adjusted earnings beat forecasts, Cisco sales of $12.1 billion fell short of the $12.35 billion forecast by FactSet. The company also said its board approved an additional $15 billion buyback.

 

NetApp shares rose after adjusted earnings topped forecasts.

-Laura Mandaro; 415-439-6400; AskNewswires@dowjones.com

 

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(END) Dow Jones Newswires

11-13-13 1721ET

Copyright (c) 2013 Dow Jones & Company, Inc.
Copyright 2014 MarketWatch
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