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NEW YORK (CNNMoney)
Even though the Dow Jones Industrial Average and S&P 500 barely budged, they both edged up to hit new records.
Yellen -- who would become the new head of the Fed in early 2014 if she's confirmed by the Senate -- will appear before the Senate Banking Committee at 10 a.m. ET.
Her prepared remarks to the committee, released late Wednesday, show that she intends to encourage growth by maintaining accommodative monetary policies.
The comments appear to have convinced investors that Yellen would continue the Fed's current $85-billion-per-month bond-buying program for the next few months. The program -- also known as quantitative easing or 'QE' -- has helped spur stocks by pumping markets with extra cash.
Related: Fear & Greed Index still greedy
The Nasdaq fell as a sharp drop in Cisco (CSCO, Fortune 500) shares weighed on the tech-heavy index.
Cisco shares tumbled more than 13% after the company reported weak sales for the fiscal first quarter and issued a weak outlook for the current quarter, too.
Cisco CEO John Chambers blamed a "hard to read" economic environment, adding that the U.S. government shutdown increased the "lack of confidence among business leaders."
Wal-Mart (WMT, Fortune 500) reported better-than-expected earnings, though the retailer missed on revenue and reported a slight decline in same-store sales in the U.S. Shares of department store chain Kohl's (KSS, Fortune 500) plunged following poor results and a weak outlook. The bad news from these two retailers comes one day after Macy's (M, Fortune 500) ignited a retail rally thanks to its strong sales and guidance.
Viacom (VIA) reported a gain in quarterly revenue, driven by sales in media networks and filmed entertainment, and double-digit gains in net earnings.
Related: Japan's economy slows dramatically
European markets rose modestly in afternoon trading. Data out Thursday showed the eurozone grew by 0.1% in the third quarter, in line with economists' expectations.
Asian markets ended the day with gains. A weaker yen helped Japan's Nikkei jump 2.1%. The currency eased after official figures showed the country's economy grew 1.9% in the third quarter - a sharp slowdown from the previous quarter. 
First Published: November 14, 2013: 9:50 AM ET
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