Europe Welcomes Yellen with Five-Year Highs

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Europe Welcomes Yellen with Five-Year Highs (Reuters)

European markets hit record highs after weekend news, including Larry Summers’s withdrawal from Fed chair candidacy and a diplomatic agreement brokered in Syria. “The market has moved on two reasons. There’s a relief rally on the latest Syrian news, but also Yellen is seen to be more dovish and pro-quantitative easing… Consequently it’s good for the equity markets,” said James Butterfill, global equity strategist at Coutts. The FTSEurofirst 300 hit both an intraday high at 1262.25 and a close of 1258.42, both of which are the highest levels seen in five years.

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Larry Summers, rumored to be President Obama’s first choice for next Federal Reserve chair, publicly withdrew his name from consideration on Sunday.

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