Federal Reserve Chair Janet Yellen Said at todays’ testament that the U.S. economy is performing well, and told Congress that a rate hike at its meeting next month is a "live possibility."

Her remarks largely echoed the Fed's statement after a meeting last week that said the central bank will act if the economy and labor market continue to improve. The Fed has not raised its benchmark rate in nearly a decade and it has been near zero since the 2008 financial crisis.

Yellen told the House Financial Services Committee that if the economy advances as the Fed expects over the next six weeks, a rate increase at its December 15-16 meeting "will be a live possibility."

She added, however, "No decision at all has been made on that."

Job growth has slowed recently and the economy grew just 1.5% at an annual rate in the third quarter. But that largely was a result of weak exports due to the strong dollar, while consumer spending, which means more than two thirds of the economy has increased at a healthy rate.

"At this point, I see the US economy as performing well," Yellen told the committee during her semiannual testimony on financial regulation. "Domestic spending has been growing at a solid pace."

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1. Wall Street opened slightly higher on Wednesday after a report showed that the private sector added more jobs than expected in October.

The Dow Jones industrial average (DJI) was up 34.61 points, or 0.19 percent, to 17,952.76. The S&P 500 (SPX) gained 2.76 points, or 0.13 percent, to 2,112.55 and the Nasdaq Composite index (IXIC) added 11.08 points, or 0.22 percent, to 5,156.20.

2. The dollar pushed higher against the other major currencies on Wednesday, as the release of strong U.S. employment and trade balance data boosted optimism over the strength of the economy.

The dollar was higher against the yen, with USD/JPY up 0.26% at 121.38.

3. U.S. private employers added 182,000 jobs in October, a tick above economists' expectations, a report by a payrolls processor showed on Wednesday.

Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 180,000 jobs.

Private payroll gains in September were revised down to 190,000 from an originally reported 200,000 increase.

4. The U.S. trade deficit narrowed sharply in September to its lowest level in seven months as exports rebounded, a tentative sign that the worst of

the drag from a stronger dollar may be over.

The Commerce Department said on Wednesday the trade gap fell 15 percent to $40.8 billion, the smallest deficit since February. Lower crude oil prices also helped to curb the import bill.

5. Euro zone private business growth remained tepid last month but activity in China's services industry expanded at its fastest pace in three months, easing concerns about persistent weakness in its economy, surveys showed on Wednesday.

There was little sign the European Central Bank's massive stimulus program was boosting economic activity or price pressures in the bloc, and the survey showed firms returned to price-cutting last month to drum up trade.

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At 8:15 a.m. ET, ADP Research Institute will release its report on America's employment situation during October.

Economists forecast that the report will show the US economy added 180,000 private payrolls last month according to Bloomberg, down from 200,000 in September.

Some economists have warned against using this report as a preview or forward indicator of the official jobs report, which the Bureau of Labor Statistics will publish on Friday.

There are just two more jobs reports to go before the Fed's meeting in December, and the Fed is looking for labor market improvement before it possibly raises rates next month. So the October and November jobs reports will be quite crucial.

Why does this matter? How can you profit from this? Just click on the Chat button below and find out.

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Car-related topics are being watched today, from scandal fallout through luxury brands to the price of oil.

U.S. stock futures are edging higher, and global markets are firm.

Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

1. Volkswagen crashing

Volkswagen (VLKAY) shares are plunging again, this time after the company said it had understated CO2 emissions and fuel usage for about 800,000 vehicles. It said most, but not all, of the cars affected have diesel engines. That news broke the day after VW disputed a claim by U.S. regulators that the diesel emissions scandal had spread to some Porsche Cayenne models.

Takata (TKTDY) shares closed down over 13% after Honda (HMC) announced it was dumping its longtime supplier over its deadly airbags. Takata is also facing fines of as much as $200 million in the U.S. over the exploding airbags.

Bucking the trend, Hyundai (HYMTF) closed higher in Korea after the car maker announced it is launching a global luxury brand called Genesis.

2. More market movers

Japan Post Holdings surged 26% after its mega IPO, which also saw its banking and insurance subsidiaries go public. It helped Japan's Nikkei index rise over 1%.

In London, Burberry (BBRYF) shares are up after it announced it is combining its brands under a single Burberry label. It also announced it's investing $77 million in a new factory for its trademark trench coats.

Tesla (TSLA) shares shot up more than 11% in after-hours trading. The electric car company reported revenue below expectations but said there is "growing demand" for energy-storing batteries and its vehicles. CEO Elon Musk said the company is poised for a banner year in 2016.

3. Earnings

Allergan (AGN), 21st Century Fox (FOX), Sodastream (SODA), Wendy's (WEN) and CNN's parent company, Time Warner (TWX), report before the bell.

After the close Facebook (FB, Tech30), King Digital (KING), BlackRock (BLK), Qualcomm (QCOM, Tech30), Whole Foods (WFM) and cyber security firms AVG Tech (AVG) and FireEye (FEYE) will post their earnings.

4. Economics

Markets will be keeping a close eye on oil prices as U.S. crude inventory data will be published at 10.30 a.m. Last week inventories increased more than analysts predicted.

The ADP will post its non-farm private employment report for October.

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What is it? As head of the central bank, which controls short term interest rates, she has more influence over the nation's currency value than any other person. Traders scrutinize her public engagements as they are often used to drop subtle clues regarding future monetary policy.

When? At 10:00am Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the USD to rise.

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What is it? It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.

When? At 10:00am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.

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What is it? As head of the central bank, which controls short term interest rates, he has more influence over the nation's currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.

When? At 5:25pm Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the AUD to rise.

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What is it? Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation's exports. Export demand also impacts production and prices at domestic manufacturers.

When? At 8:30am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.

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What is it? Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation's exports. Export demand also impacts production and prices at domestic manufacturers.

When? At 8:30am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the CAD to rise.

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