European
stocks extended a seven-year high as Greece reached a bailout deal and
the Federal Reserve pledged patience on raising interest rates. Greek
shares surged.
The
Stoxx Europe 600 Index rose 0.6 percent to 387.25 at the close of
trading, pushing its gains this year to 13 percent. The U.K.™s benchmark
FTSE 100 Index closed at an all-time high, climbing 0.5 percent to
surpass the previous record in 1999.
Greece™s
ASE Index soared 9.8 percent, following a market holiday on Monday, as
euro-area leaders approved a bailout extension for four more months. The
gauge rose to the highest level since former Prime Minister Antonis
Samaras announced elections in December, triggering concern over debt
negotiations. National Bank of Greece and Alpha Bank AE rallied 17
percent.
European
stocks extended gains as Fed Chair Janet Yellen said the central bank
will be flexible about the timing of an interest-rate rise even after it
changes its forward guidance. She reiterated in a testimony before the
Senate Banking Committee that an increase is unlikely for œat least the
next couple of meetings.
Source: Bloomberg
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