NEW YORK -- Federal Reserve Chairman Ben Bernanke gave the batch marketplace the tonic it wanted: Interest rates will stay low.
Stocks rallied Wednesday and finished a two-day slip after Bernanke sounded an upbeat note about the economy in his semiannual inform to Congress. He told the House Financial Services Committee he still expects rates will sojourn low for an lengthened period. Investors wish to see low-cost borrowing go on to assistance revitalise the economy.
Financial bonds helped lift the Dow Jones industrial normal up 92 points after the index slid 101 on Tuesday. It sealed at 10,374.16. JPMorgan Chase and Bank of America each rose some-more than 2 percent. Meanwhile, the technology-dominated Nasdaq rose 2.46, or 1 percent, to 2,235.90 after program association Autodesk reported stronger gain and income than expected. The broader Standard & Poors 500 rose 10.64, or 1 percent, to 1,105.24.
But a unsatisfactory inform on new home sales brought a sign that a liberation will be difficult. The Commerce Department pronounced sales of new homes fell to a jot down low in January. Economists approaching an increase. New home sales fell 11.2 percent last month to a seasonally practiced annual sales rate of 309,000 units.
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