The pound rose to the highest level in more than four years against the dollar as Federal Reserve Chair Janet Yellen signaled the U.S. central bank will keep an accommodative monetary policy that has weakened the greenback.
The number of Americans filing for unemployment insurance payments hovered last week near the lowest level in almost seven years, and consumer confidence improved, showing the world’s largest economy is speeding up.
Asian stocks rose for a second day after U.S. industrial production increased more than forecast in March and Federal Reserve Chair Janet Yellen said the central bank remains committed to supporting the economic recovery.
The Standard & Poor’s 500 Index rose, giving it the best three-day rally in two months, while Treasuries fell as Yahoo! Inc. jumped on earnings and U.S. industrial production increased. The pound strengthened and copper advanced.