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Emerging-Market Stocks Advance on Yellen as Rand Rallies

Emerging-market stocks advanced to a two-week high after Federal Reserve Chairman Janet Yellen said U.S. stimulus will be cut in measured steps. The rand led currencies higher as South Africa’s factory output increased.

The MSCI Emerging Markets Index added 1 percent to 944.75, the highest since Jan. 24. OAO Sberbank drove a rally in Russia’s Micex Index, while Brazilian state-run oil company Petroleo Brasileiro SA capped the longest winning streak since September. The rand posted the biggest advance among the 31 major world currencies tracked by Bloomberg. Kazakhstan’s central bank devalued the tenge by the most since 2009.