Traders relax after Yellen voted in

In mid-morning trading the FTSE 100 is up ten points at 6744, after Janet Yellen was confirmed as the new chairperson of the Federal Reserve.

Yellen’s confirmation as the head of the US central bank has put the markets at ease. The new chairwoman is a safe pair of hands and, although she will not allow the markets to dictate her policies, she is unlikely to do anything too drastic in the early stages of her leadership.

Topps Tiles are in tip-top shape this morning after posting an increase in 13-week like-for-like sales. easyJet announced a 3.6% increase in passenger numbers in December, and the Luton-based airline is zeroing in on Ryanair. Both carriers are gunning for the number one spot as Europe’s largest low-cost airline.

Natural Resources stocks have made a soft start to 2014 as traders' concerns about the Chinese credit markets continue to dog the mining sector. The Chinese central bank has stepped in to crack down on shadow lending and ensure borrowers use traditional banks.

In the US, we are expecting the Dow Jones to open 50 points higher at 16,475, as dealers look forward to Yellen keeping monetary policy loose.

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