U.S. stocks were given a Bernanke boost yesterday, surging to an all-time high after the Federal Reserve Chairman signalled the central bank will keep supporting the economy.
The Dow Jones industrial average and Standard & Poor’s 500 surged past all-time highs after comments from Ben Bernanke late Friday night hinted that the Fed will maintain its policy of stimulus towards the economy.
In a speech on Wednesday evening after U.S. markets had closed, Bernanke said the economy still needs “a highly accommodative monetary policy for the foreseeable future.”
There had been fears among investors that the the Fed was planning to scale back its economic stimulus and traders cheered Bernanke's comments.
The S&P 500 rose 1.4 percent to 1,675.02, above its record close of 1,669 on May 21. The index is on track for its sixth straight day of gains, its longest streak in four months.
The Dow rose 135 points, or 0.9 percent, to 15,427, above its all-time closing high of 15,409, recorded on May 28.
