U.S. stock futures pared gains as Federal Reserve Chairman Janet Yellen said that while more work is needed to restore the labor market to health, the central bank would likely continue scaling back its bond buying.

Global markets:

Hang Seng 21,962.98 +383.72 +1.78%

Shanghai Composite 2,103.67 +17.60 +0.84%

FTSE 6,631.59 +40.04 +0.61%

CAC 4,255.22 +18.09 +0.43%

DAX 9,401.67 +111.81 +1.20%

Crude oil $100.17 (+0.11%)

Gold $1278.80 (+0.32%).