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Global stocks rally, dollar gains on Yellen's remarks

Reuters  |  NEW YORK 

By Herbert LashNEW YORK (Reuters) - Global equities rallied, lifting the Dow to a record high, the dollar gained and bond yields tumbled on Wednesday after Federal Reserve Chair Janet Yellen dampened growing expectations that more than one interest rate hike was in the cards this year.In remarks to the House Committee on Financial Services, Yellen said the U.S. economy is strong enough to absorb further gradual rate increases along with the slow wind-down of the Fed's massive bond portfolio.The testimony depicted an economy that is growing, albeit slowly, and continues to add jobs as it ...

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First Published: Thu, July 13 2017. 03:36 IST