It's A Global Market Rally

Britain's FTSE is up 0.7%.

France's CAC 40 is up 0.7%.

Germany's DAX is up 0.8%.

Spain's IBEX is up 0.5%.

Italy's FTSE MIB is up 0.8%.

This follows huge gains in Asia where Japan's Nikkei closed up 1.6% and Australia's S&P/ASX closed up 1.6%.

All of this follows Wednesday Federal Reserve monetary policy announcement where Fed Chair Janet Yellen reiterated her dovish stance on monetary policy.

"When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent," said Yellen. "The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run."

"What that means is, she's not overly concerned about the economy overheating, and not inclined to tighten policy early," reported BI's Joe Weisenthal. "And that's the big takeaway from [Wednesday's] FOMC events. At every opportunity, Yellen & Co. took the dovish turn."

Last week, Bank of England governor Mark Carney warned that tighter monetary policy could come to Britain sooner than markets anticipate. Some folks were concerned the Fed and Yellen could use similar language. But that certainly wasn't the case.

U.S. futures are up modestly with Dow futures up 4 points and S&P futures up 0.5 points.