Stocks gain, S&P nears new record

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Stocks are set to extend their September run Monday, with the S&P 500 near a record, as investors welcome the withdrawal of Larry Summers from the race to become Fed chairman.

U.S. stock futures and global markets were pushing higher as investors now anticipate Janet Yellen will take the helm of the Fed.

All three major U.S. indexes were moving up by more than 1% ahead of the opening bell, bringing the S&P close to its record of 1,709 from Aug. 2. The U.S. dollar was slipping.

Investors are excited at the prospect of Yellen taking over from current Fed chairman Ben Bernanke, since she is widely expected to pursue a similar policy of stimulating the economy to bring the unemployment rate down.

Investors had been concerned that Summers, the previous frontrunner for the top Fed job, would have been more aggressive at pulling back on the monetary stimulus measures that have been pumping cash into the system and supporting stock markets around the world.

Related: Janet Yellen is again the frontrunner for Fed chair

Meanwhile, Saturday's announcement that the U.S. and Russia had created a framework to eliminate Syria's chemical weapons may also support a positive sentiment.

The threat of imminent U.S.-led military strikes against Syria has now faded to the background, but it had caused a significant amount of market volatility and spikes in oil prices. The price of light crude oil is now easing.

Looking to the day ahead, the New York branch of the U.S. Federal Reserve will publish its monthly manufacturing survey at 8:30 a.m. ET. At 9:15, the Census Bureau will release reports on industrial production and capacity utilization.

Related: Fear & Greed Index idling in neutral

U.S. stocks finished higher Friday, capping a strong week of gains. The Dow Jones industrial average rose by 3% last week, while the other two main indexes rose by nearly 2%. It was the best week since January for the Dow and the best week since July for the S&P 500.

European markets were solidly higher in morning trading, with Germany's Dax leading the way with a gain of more than 1%.

Most Asian markets were climbing, though markets in Japan are closed for a holiday.

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