Stock markets mostly gained on the back of higher oil prices on Tuesday, after the Federal Reserve (Fed) chairperson, Janet Yellen pushed back expectation for an interest rate hike. Quoted in an article in TheStar, “Its all related. Oil is moving higher on the diminished threat of higher rates,” said Jack Ablin, chief investment officer at BMO private bank in Chicago.

Strength in energy shares like Chevron and Exxon lifted the S&P 500 index to close at 2,112.13, just 16 points away from its record high. The Dow Jones industrial average also rose, closing 0.1% higher at 17,938.28. At the same time, Europe’s broad FTSEurofirst 300 index, which measures the performance of Europe’s largest 300 companies, closed up 1.2% at 1,360.25.