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Stocks rally, dollar gains on Yellen's remarks

Reuters  |  NEW YORK 

By Herbert LashNEW YORK (Reuters) - Global equity markets rallied, with the Dow hitting a new high, the dollar gained and bond yields tumbled on Wednesday after Federal Reserve Chair Janet Yellen dampened growing expectations of more than one interest rate hike later 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 and 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 benefits from ...

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First Published: Wed, July 12 2017. 21:37 IST