Stocks Close At All Time High After Bernanke Allays Stimulus Fear

In this Tuesday, Dec. 11, 2012 file photo, specialist Christian Sanfilippo works on the floor of the New York Stock Exchange, in New York. Despite many challenges, 2012 turned out to be a surprisingly good year for s... In this Tuesday, Dec. 11, 2012 file photo, specialist Christian Sanfilippo works on the floor of the New York Stock Exchange, in New York. Despite many challenges, 2012 turned out to be a surprisingly good year for stocks. The Dow Jones industrial average, the Standard & Poor’s 500 and the Nasdaq composite index will all end the year substantially higher, despite losing ground in the final days of the year as concerns about the looming fiscal cliff mount. MORE LESS

The stock market is closing at a record high after Federal Reserve Chairman Ben Bernanke said the central bank would continue to support the U.S. economy.

The Dow Jones industrial average rose 169 points, or 1.1 percent, to close at 15,461 Thursday.

The Standard & Poor’s 500 index rose 22 points, or 1.4 percent, to 1,675.

Both indexes surpassed the record closes they set in May.

The tech-dominated Nasdaq composite rose 57 points, or 1.6 percent, to 3,578.

Investors also bought bonds after being reassured that the Fed was not in a hurry to pull back on its huge bond-buying program.

The yield on the benchmark 10-year Treasury note fell to 2.57 percent from 2.63 percent late Wednesday. As recently as early May, it was 1.63 percent.

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