Federal Reserve News Spurs Gains for Stocks
(NEW YORK) — Federal Reserve Chairman Ben Bernanke on Monday sounded pessimistic about jobs at a conference in Virginia, suggesting the economy still needs help to produce faster job growth.
The indication that the Federal Reserve will keep interest rates at near-zero caused stocks to take off Monday. The Dow climbed 161 points and the S&P added 19. The Nasdaq gained 55 points Monday to close at 3,123 — its highest figure since November 2000.
Health care stocks seemed to gain the most of any group Monday, as the Supreme Court began hearing arguments on the constitutionality of President Obama’s health care reform law.
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