While the S&P 500 index has been enjoying its biggest two-day gain since 2011, there's also good news coming in from around the world. Despite the collapse of the Russian ruble this week, there was the first good news in a long time for emerging markets stocks. After plunging to its lowest point since 2009 earlier in the week, the MSCI Emerging Markets Index had its best day in over a year yesterday, rising 1.8 percent.
There were even bigger gains in Mexico, where the primary stock index was up 3.3 percent, for its biggest daily increase in four years. The MSCI Latin American index was up 2 percent on the day.
What's causing this? Oil prices actually turned up for part of the day, after reaching five-year lows. And Fed chair Janet Yellen offered reassuring news about the state of the American economy. All that looks like it was enough to counteract the deteriorating situation in Russia.
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