Yellen spurs global stock rally as oil rebounds, dollar tumbles
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Sydney
Stocks jumped around the world on Wednesday after Federal Reserve chair Janet Yellen reasserted on Tuesday the US central bank's gradual approach to raising interest rates. Commodities climbed as the dollar extended its worst month in more than five years.
Ms Yellen's signal that weakening world growth calls for a slow approach to tightening policy ignited gains for shares from Shanghai to Frankfurt and the US. Wall Street was higher on Wednesday as investors took comfort that the central bank would tread cautiously on raising rates this year.Diminishing prospects for a first-half Fed rate increase sent the Bloomberg Dollar Spot Index towards the lowest since last June and drove emerging-market currencies towards their best month since 1998. Credit markets rallied and US oil gained for the first time in five days.
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