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Stocks soar as Fed chief eases slowing growth fears

Yellen says she expects interest rates to be raised this year.

U.S. stocks soared Friday, a day after Federal Reserve Chair Janet Yellen said she expects interest rates to be raised this year, easing concerns about slowing global growth.

Nike’s NKE 9.18% surprisingly strong results in China and data showing that the U.S. economy expanded more than previously estimated in the second quarter added to the positive tone.

The Dow Jones industrial average was up 160 points, or 1%, The broader S&P 500 was up 0.6%, and the Nasdaq composite jumped 0.3%.

Markets have been skittish since last Thursday, when Yellen cited concerns about slowing growth as a key reason for holding off from...