European stocks close week higher amid dovish Fed

All major European shares end week up as Fed chief gives no signs on reducing massive stimulus program

By Aysu Bicer

ANKARA (AA) - Almost all major European markets closed the week on a high note as US Federal Reserve (Fed) Chair Jerome Powell gave no sign of an imminent reduction in the central bank's massive stimulus program.

Investors in Europe focused on global monetary policies on Friday, including the Fed's plans for possible tapering of asset purchases.

Yet, Powell said that if the economy recovers as expected, it may be appropriate to start reducing asset purchases this year, saying that the timing and speed of reducing asset purchases would not serve as a direct signal for interest rate hikes, he said.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, rose by 0.43%, to 472.34.

Germany's DAX 30 posted a decline -- up 0.37% -- to stand at 15,851.75 points.

Frances' CAC 40 increased by 0.24% to reach 6,681.92 points.

Italy's FTSE MIB went up 0.56%, to 26,006, while Spain's IBEX 35 gained 0.33% to 8,977.

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