U.S. stocks soared today, with the Dow Jones Industrial Average and S&P 500 crossing above their record closing marks, after Federal Reserve Chairman Ben Bernanke assured investors that the central bank intends to keep its stimulus measures for the foreseeable future.
The Dow rallied above its all-time closing high of 15,409.39 and was up more than 140 points.
The blue-chip index’s point gain for 2013 is already greater than any other year on record.
The S&P 500 was higher today for a sixth-consecutive session, flirting with its record closing level of 1,669.16. The S&P 500 is on pace for its biggest weekly gain since January. The Nasdaq also rose, while the Russell 2000 index hit a new all-time high for the fourth-straight session.
Bernanke said monetary policy would remain accommodative for the foreseeable future, even if the unemployment rate hits the Fed’s target of 6.5 percent by the end of the year.
Speaking at a conference after the market close Wednesday, Bernanke’s remarks came after the release of minutes from the Fed’s latest policy meeting.
Later today, the federal government is projected to record a $115 billion budget surplus in June, a sharp reversal from last year’s $60 billion deficit in the same month, according to a report by MarketWatch.com.
