European stocks logged a modest gain Thursday as energy shares got a brief boost from Brent crude futures, which extended their gains to touch the $50-a-barrel level. Earlier stocks had benefited from a rise in crude but relinquished those gains as crude futures retreated.

U.S. stocks closed higher Friday as investors brushed aside Federal Reserve Chairwoman Janet Yellen comments that a rate increase may be justified this summer. All three main indexes booked their biggest weekly gains in several weeks as traders headed for a long weekend. U.S. markets will be closed on Monday for the Memorial Day holiday.

Asian stocks rose Monday following Wall Street's gains as investors looked ahead to economic data this week from China, Australia and Korea. Banks gained after Federal Reserve Chairwoman Janet Yellen said the central bank intends to keep raising interest rates provided the economy improves. Banks stand to make bigger profits on lending if interest rates rise.

Based on MarketWatch materials