Emerging Stocks Rise as Fed Reiterates `Gradual' Tightening Plan
- Federal Reserve reiterates gradual pace in U.S. rate increase
- Emerging stocks trade within 1.2% of a five-month high
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Emerging-market stocks advanced as Federal Reserve policy makers reiterated that they will probably raise U.S. interest rates at a “gradual” pace, supporting demand for riskier assets that have been propped up by a weaker dollar.
The MSCI Emerging Markets Index rose 0.1 percent to 843.17, closing within 1.2 percent of a five-month high, as gains in energy and consumer staples stocks outweighed declines in technology companies. A gauge of developing-nation exchange rates was little changed near the highest level in nine months.