Global markets post positive signals

ISTANBUL

Global stock markets closed higher after this week's remarks by US Federal Reserve officials.

On Monday, Fed Chair Jerome Powell said the central bank is committed to restoring price stability, even by raising interest rates more "aggressively."

On Tuesday, St. Louis Fed President James Bullard said the Fed needs to move "aggressively" in order to keep record-high inflation under control, while Cleveland Fed President Loretta Mester pointed to a possible 50 basis points hike in the policy rate in May.

Mary Daly, head of the San Francisco Fed, stressed that the Fed should end supportive monetary policy tools.

The Fed this month hiked the rate by 25 basis points.

After these statements bond markets felt pressure to sell, while investors turned towards stock markets.

At Tuesday's close of US markets, the Dow Jones was up 0.74% to 34,807, while the S&P 500 rose 1.13% to 4,511 and the tech-heavy Nasdaq soared 1.95% to 14,108.

EU and Asian markets also closed higher on Tuesday while Turkiye's Borsa Istanbul closed the day up 0.63% to 2,188.81 points.

A speech by Powell on Wednesday is also expected to impact investors' decisions.

Investors and analysts will also monitor developments in the ongoing Russia-Ukraine war, which is having a large effect on commodity prices.

The barrel price of Brent oil neared $120 and is currently around the $116 level.

The price of gold per ounce hit $1,937 on Tuesday before dropping to $1,918.