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Dow futures jump 100 points as Yellen signals gradual rate increases ahead

U.S. stock index futures pointed to a higher open on Wednesday as traders digested prepared remarks from the top-ranking Federal Reserve official.

Federal Reserve Chair Janet Yellen said the central bank is likely to reduce stimulus later this year. The Fed accumulated its $4.5 trillion balance sheet as it sought to stimulate the economy during and after the financial crisis. The expansion came largely through the purchase of Treasurys and mortgage-backed securities.