Net Net: Promoting innovation and managing change
Net Net: Promoting innovation and managing change

Janet Yellen woos Wall Street, at least, as term starts

Yellen chillin' in front of Congress

Janet Yellen spelled out her agenda and policy intentions Tuesday in front of the House Financial Services Committee, and the market loved it.

Though the new Federal Reserve chair's pronouncements were virtually identical to those of her predecessor, Ben Bernanke, traders ate up her remarks and pushed the market indexes to huge gains on a day that was absent virtually any other market-making news.

How did she do it?

CNBC's Patti Domm and Jeff Cox talked to traders and heard similar sentiments: In addition to her views reflecting a dovish stance, Yellen is mostly unbothered by recent economic reports, particularly consecutive months of weak employment readings.

(Read more: Bad jobs reports won't change tapering: Yellen)

An element of certainty also helped. While most everyone in the market had a good idea of what Yellen would say, it was good to hear her say it.

Many market experts believe the expected 2014 correction could restart anytime, but at least for a day Yellen had the market's ear.