World stocks gain, dollar dips after ‘dovish’ Yellen speech...

Stocks gained on markets worldwide on Monday, while the U.S. dollar edged lower against major currencies after Federal Reserve Chair Janet Yellen said U.S. interest rate hikes are likely on the way, but dropped a reference to the timing of any increase.

Yellen’s remarks caused U.S. Treasury yields to pare gains and limited a rally in oil prices, which hit a seven-month high earlier in the session on supply worries.

In the last public comment from any U.S. central banker before the policy meeting next week, the Fed chief said last month’s jobs report was “disappointing” and bears watching, though she warned against attaching too much significance to it on its own.

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