Emerging-market stocks rose for a second day after diplomatic leaders reached a deal aimed at defusing the crisis in Ukraine. Russia’s ruble posted the biggest advance among the world’s major currencies.
U.S. stocks climbed, with the Standard & Poor’s 500 Index posting a fifth quarterly gain, as Federal Reserve Chair Janet Yellen signaled continued monetary support and tensions appeared to ease in Ukraine.
The iShares MSCI Emerging Markets Index rose, extending its biggest weekly gain in a month, as speculation China is loosening funding restrictions for property developers and banks bolstered confidence in the economy.
Janet Yellen says Federal Reserve policy makers need to look at a broader range of data to get a good handle on the job market. She hasn’t highlighted one labor indicator that economists say is sounding inflation alarms: short-term unemployment.
The euro rose to a two-month high and Treasuries fell after fewer people filed U.S. jobless claims and the European Central Bank left interest rates at a record low. U.S. stocks pared gains as health-care companies slid while palladium led gains among precious metals.