Stocks rally, dollar eases

An index of global stocks yesterday charged to its highest point since the start of the year, while the dollar weakened, as easing concerns about rising interest rates led investors into riskier assets. Oil prices climbed, as commodities denominated in dollars became more attractive to users of other currencies. US Treasury prices fell with benchmark yields rising from four-week lows amid selling in safe-haven bonds. Federal Reserve Chair Janet Yellen said on Tuesday the US central bank should proceed cautiously as it looks to raise interest rates, pushing back on a handful of her colleagues who have suggested another move may be just around the corner. Ms Yellen's comments were echoed yesterday by Chicago Fed President Charles Evans, who said there was a high hurdle to raising rates in April, given low inflation. "You have got the follow through from the Fed. They are taking one of the fears basically off the table at this point in terms of rising interest rates," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. The Dow Jones industrial average was up 101.98 points, or 0.58 per cent, at 17,735.09, the S&P 500 gained 10.18 points,...

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