S&P 500 Above Record Close as Dollar Falls on Bernke
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Stocks surged, with the Standard & Poor’s 500 Index climbing to its highest closing level ever, and metals gained as the dollar slid after Federal Reserve Chairman Ben S. Bernanke called for maintaining monetary stimulus.
The S&P 500 rose 1.4 percent to 1,675.02 at 4 p.m. in New York and the MSCI Emerging Markets Index advanced 3.1 percent for its biggest gain in almost 10 months. Treasuries rose and gold futures rallied 2.6 percent for a fourth straight advance, the longest winning streak since April. Bloomberg’s Dollar Index, a gauge of the currency against 10 major peers, sank 1.4 percent. Portugal’s PSI 20 Index slid 2 percent and the nation’s bonds slid amid concern a political crisis will persist.