U.S. stocks climbed as remarks from Federal Reserve Chair Janet Yellen bolstered confidence that the central bank will react if the outlook for economic growth worsens. European shares fell and the yen strengthened as tension increased in Ukraine.
Investors are stepping up withdrawals from emerging-market exchange-traded funds and shifting into Europe as concern mounts that growth is faltering in developing nations while advanced economies strengthen.
The yen climbed the most in three weeks against the dollar as reports that Russian President Vladimir Putin put fighter jets on combat alert amid rising tensions in Ukraine boosted demand for less-risky assets.
The iShares MSCI Emerging Markets Index rose to a one-month high as better-than-estimated growth in Brazil bolstered optimism the global economy is recovering. The real led gains among the world’s major currencies.