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Markets soothed by Yellen, watching data

Federal Reserve Chair nominee Janet Yellen testifies during her confirmation hearing Nov. 14.
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The S&P 500 is on track to close out a sixth week of gains Friday, with traders more confident about what they can expect from the Federal Reserve.

Testimony from Fed Vice Chair Janet Yellen at her confirmation hearing before a Senate panel Thursday went as most market participants expected.

She defended the Fed's extraordinary easing programs, voiced concern about the economy, sluggish job growth and low inflation rate, and said the Fed has made headway on banking reform but must do more. Overall, she was viewed as dovish and very much aligned with Fed Chairman Ben Bernanke.

(Watch now: Yellen wasn't a big deal today: Pro)