Global stock markets climbed after Federal Reserve Chairwoman Janet Yellen eased investors’ concerns that last week’s decision to keep rates near zero had put off a rate rise for the foreseeable future, The Wall Street Journal reported today. In a speech Thursday at the University of Massachusetts in Amherst, Yellen laid out a detailed case for raising interest rates later this year. Stock futures indicated a 1.4 percent opening gain for the S&P 500. Shares around the world have fallen since the Fed stood pat last Thursday, with investors interpreting the central bank’s caution as the latest worrying sign about the state of the global economy. Many are anxious for the Fed to make a start on returning monetary policy to normal after years of rock-bottom rates. Friday’s moves continue a recent pattern of sharp daily stock market swings. Investors say the twin uncertainties of the timing of Fed liftoff and the strength of the Chinese economy have left markets jumpy, but major indexes have broadly moved sideways over the past month.
