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European Stocks Rebound After Yellen Speech Triggers Cautious Optimism for Global Growth Prospects

European stocks rebounded across the board on Friday buoyed by an undercurrent of optimism concerning the global economy in Federal Reserve Chairwoman Janet Yellen's speech on Thursday.

News agencies said Yellen told an auditorium of approximately 1,800 people at the University of Massachusetts that "Most FOMC participants, including myself, currently anticipate... an initial increase in the federal funds rate later this year, followed by a gradual pace of tightening thereafter."

In company news, the biggest risers on the FTSE 100 Index were spread across multiple sectors with microprocessor designer ARM ( ARMH ) surging 6% followed by specialty chemical company Johnson Matthew gaining 4.8% and investment managing firm St James's Place up 4.4%. Stifel Nicolaus started coverage of ARM with a buy rating. Experian, an information service provider, was 3.8% higher while CRH ( CRH ), a building materials company, rose by 3.6%.

On Germany's DAX, semiconductor company Infineon Technologies led gainers by jumping 4.6%. Telecommunications company Deutsche Telekom edged 4.4% higher while automobile maker BMW advanced by 4.2% and sports clothing retailer Adidas gained 4.1%. Daimler, another car maker, was 3.5% higher.

Volkswagen's shares ended Friday 4.3% lower. Following the close, the carmaker's board appointed Porsche CEO Mattias Mueller as its new CEO, succeeding Martin Winterkorn.

And, on Paris' CAC-40, luxury good distributors Kering and LVMH Moet Hennessy Louis Vuitton rose by 6.2% and 4.9%, respectively. Cosmetics company L'Oreal was 5.6% higher while Airbus Group, a company which is active in the aerospace and defense sectors, gained 4.4%.

The FTSE gained 2.47%, the DAX rose 2.77% and the CAC-40 expanded by 3.07%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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