Global stocks edge higher

Global financial markets edged higher Monday, showing little immediate change three days after Federal Reserve Chairwoman Janet Yellen signaled the central bank could raise interest rates in coming months.

As domestic stock markets remained closed for the Memorial Day national holiday, Germany's DAX rose 0.5% to close at 10,333.23. Separately, France's CAC-40 edged up 0.3% to close at 4,529.40.

In Asian trading earlier, Tokyo's Nikkei 225 closed nearly 1.4% higher at 17,068.02. Hong Kong's Hang Seng advanced 0.26% to 20,629.39 and India's Sensex Index rose 0.27% to 26,725.60.

Meanwhile, Brent Crude oil prices edged lower to $49.78 a barrel as traders awaited Thursday's scheduled meeting in Vienna of the Organization of the Petroleum Exporting Countries (OPEC).

The likelihood and timing of any decision by the Fed to raise interest rates is closely watched by investors around the globe, as well as in the U.S.

Yellen: Rate hike 'appropriate' in coming months

Speaking at a Harvard University forum on Friday, Yellen did not say whether Fed policymakers are leaning toward raising the central bank's benchmark rate in June or July. However, Yellen indicated the U.S. economy is strengthening after a weak first quarter.

“If (the economic gains) continue and if the labor market continues to improve, and I expect that will occur… I think it’s important for the Fed to gradually and cautiously increase our overnight interest rate and probably in coming months such a move will be appropriate,” Yellen told Harvard economist Greg Mankiw.

U.S. stocks recorded modest gains on Friday and posted their strongest week in nearly three months.

Contributing: Paul Davidson and Adam Shell

Follow USA TODAY reporter Kevin McCoy on Twitter: @kmccoynyc