Markets around the world are up.

Britain's FTSE 100 is up 0.8%

France's CAC 40 is up 0.9%.

Germany's DAX is up 0.8%.

Spain's IBEX is up 0.6%.

Italy's FTSE MIB is up 0.3%.

Asian markets closed higher with Japan's Nikkei up 2.1%, Hong Kong's Hang Seng up 0.8%, and Australia's S&P/ASX up 0.6%.

Later today, Federal Reserve Vice Chair Janet Yellen heads to Washington for her confirmation hearing before the Senate Banking Committee. Based on her prepared remarks, economists believe her message will be a dovish one.

"A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases," she said. "I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy."

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