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EMERGING MARKETS-Latam stocks rise as Yellen comments spur rally

* Brazil Bovespa rises 2.34 pct, Mexico IPC up 1.36 pct

MEXICO CITY, Nov 14 (Reuters) - Brazilian stocks led Latin American bourses higher on Thursday after Janet Yellen, who is likely to become the next head of the Federal Reserve, suggested the U.S. central bank's monetary stimulus would not be drawn down anytime soon.

Brazil's Bovespa index gained the most in nearly two months, while Mexico's IPC index rose by the most in over a month as confidence grew that the Fed would maintain its $85 billion monthly bond buying program.

Yellen told the U.S. Senate Banking Committee on Thursday that high unemployment, weak inflation and an economy running below potential meant the Fed had "more work to do."

Monetary stimulus from the Fed has helped boost global liquidity, underpinning demand for Latin American equities, especially the most widely-traded shares, which are often preferred by foreign investors.

Brazil's benchmark Bovespa stock index rose 2.34 percent to 53,451.60 points, its strongest close in over a week.

Shares of state-run oil company Petroleo Brasileiro SA , known as Petrobras, gained 2.56 percent, contributing most to the index's gains, while Brazilian homebuilder Gafisa SA, advanced 8.59 percent.

Mexico's IPC index rose 1.36 percent to end at 40,306.70 points as mining firm Grupo Mexico advanced 5.06 percent, contributing most to the index's gains.