U.K. Stocks Rise First Time in Three Days After Yellen Commentsby
U.K. stocks reversed earlier declines, rebounding from a two-day slide, after Federal Reserve Chair Janet Yellen said the U.S. economy is approaching the central bank’s goals.
The FTSE 100 Index climbed 0.3 percent at the close in London, erasing a drop of as much as 0.3 percent. The benchmark capped a two-day drop yesterday, dragged lower by losses in drugmakers and miners. The FTSE 250 Index of midcaps added 0.3 percent today, also reversing losses.
Yellen said in the text of a speech to central bankers in Jackson Hole, Wyoming, that the case for an increase in interest rates has strengthened amid “continued solid performance of the labor market” and the Fed’s outlook for the economy. She didn’t discuss the specific timing of a rate move in her first public comments since June.
Miners rebounded today, with Glencore Plc and Rio Tinto Group up at least 3.2 percent. Restaurant Group Plc climbed 3.6 percent after keeping its full-year pretax profit forecast and posting an increase in first-half revenue.