NEW YORK (AP) — Call it the Bernanke Boost.
The stock market, which has been marching higher for a week, got extra fuel Thursday after the Federal Reserve chairman said the central bank will keep supporting the economy.
The Dow Jones industrial average and Standard & Poor's 500 surged past all-time highs. Gold rose. And the yield on the 10-year Treasury note continued a pullback. Stocks that benefit most from a continuation of ultra-low interest rates, such as homebuilders, notched some of the biggest gains.
Ben Bernanke made the comments in a speech late Wednesday after U.S. markets had closed, saying the economy still needs "a highly accommodative monetary policy for the foreseeable future."
Bernanke said the U.S. economy needs help because unemployment is high. The remarks seemed to ease investors' fears that the central bank will pull back on its economic stimulus too quickly.