All three major stock indexes made significant gains today after Federal Reserve Chairman Ben Bernanke once again reassured investors that the key interest rate would continue to hover near zero in the months ahead.
In the hours that followed stocks, which had fallen earlier in the day after the release of dire figures on new-home sales, shot up quickly. Financial stocks in particular pulled the market higher with Bank of America Corp and JPMorgan Chase both up more than two percent.
As a result, Dow Jones industrial average nearly negated Tuesday’s triple digit slide with a 92-point gain for Wednesday. That brings total Dow losses for the week down to 28 points closing at 10,374.16 for the day.
Elsewhere, rising tech stocks contributed to Nasdaq gains of 22.46 points of 1.01 percent to close the index at 2,235.9
The Standard & Poor's 500 index also benefited from the announcement tacking on 10.64 or 1 percent, to 1,105.24.
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