The Wall Street Journal reports, "European shares gained for a fifth straight session Tuesday, buoyed by U.S. Federal Reserve Chairwoman Janet Yellen’s remarks to Congress that she expects the central bank to stick with its current approach to monetary policy.
The Stoxx Europe 600 index closed 1.2% higher. U.S. markets also gained, while overnight Asian indexes extended their recovery from last week’s bruising selloff".
Ms. Yellen said the Fed will likely maintain its strategy of reducing the pace of its monthly bond purchases in “measured steps” if the U.S. economy continues to improve. Investors had been watching for hints that the Fed might veer from its present course after recent economic data signaled the pace of the recovery might not be as fast as previously thought.
