At a hearing before a House panel today, Yellen is expected to reiterate the bank's plan to continue tapering its QE program, although investors will be keeping an ear open for any indications of a change of course following disappointing U.S. jobs and other economic data.
"Price action suggests that markets are preparing for a dovish commentary (from Yellen), increasing the risk of disappointment," Barclays analysts say.
Euro Stoxx 50 +1.1%, London +0.8%, Paris +0.9%, Frankfurt +1.3%, Milan +0.6%, Madrid +0.8%.
U.S. stock futures: Dow +0.5%. S&P +0.5%. Nasdaq +0.5%