NEW YORK (Reuters)--the Nasdaq jumped to a maximum of 10 years, as US stocks rallied Wednesday after the President of the Fed Chairman Ben Bernanke first press conference nothing optimistic investors of short circuit on the economy.
All three major U.S. stock indices extended gains after comments, Bernanke at his press conference, where he reiterated the position of the Fed that inflation was a transient problem in large part to the pressures on the prices of raw materials.
The Nasdaq Composite Index closed at 2,869.88, its highest close since December 12, 2000. Among the major winners of Nasdaq of the day were retailers and the names of biotechnology.
The Russell 2000 index (.)(Toy) hit a record high closing of 858.31 as investors kept buying small-caps, an area associated with a strong outlook for economic growth.
Tom Sowanick, OmniVest in Princeton, New Jersey, Chief investment officer said the Federal Reserve is "inviting them inflation of assets" as evidenced in the stock market price action.
Parameter of the federal strategy on the open market Committee the Fed said in a statement, that he intends to fulfill its obligations of $ 600 billion buy the program in June as planned.
At the press conference, Bernanke said there was "a little less momentum in the economy" and it provided "a relatively small number, perhaps less than 2 %" for growth in the gross domestic product in the first three months of this yearwhich indicates the Fed is likely to maintain its policy accommodation despite concerns about inflation.
"He managed himself well real." "It has not escaped anything," said Alan Valdes, Director of the commercial floor DME securities in New York. "In all honesty, I would give him a B-plus." He served himself well. He did not stumble on all issues. ?
Stocks Biotech helped stimulate the Nasdaq as Regeneron Pharmaceuticals Inc. (REGN.)(O) sudden 28.6% to $67.05 after its drug experimental cancer, Zaltrap, developed with Sanofi-Aventis (SASY.)(PA), extended survival in patients in a late trial.
NYSEArca biotechnology index (.)(BTK) gained 2.8%.
The Dow Jones industrial average (.)(DJI) has acquired 95.59 points, or 0.76%, to 12,690.96. The Standard & Poor 500 Index (.)(SPX) increased 8.42 points, or 0.62%, to 1,355.66. Nasdaq Composite Index (.)(IXIC) soared 22.34 points, or 0.78%, to 2,869.88.
GE BUOYS DOW, STARBUCKS LATE FALLS
General Electric (GE).(N) helped lift the Dow, up 2.7% to $20.65 after the company said Chief Finance will be faster, he had seen in ten years a growth of GE profit over the next few years.
Boeing Co (BA).(N), Whirlpool Corp. (WHR).(N) and WellPoint Inc. (WLP)(N) also moved more high after topping the consensus of analysts expectations. Boeing, also a Dow component, rose 0.8 per cent to $sholder.
Whirlpool acquired 0.9 89.35% $ and WellPoint added 3.5 percent to $75.54.
According to data from Thomson Reuters through Wednesday, 220 companies in the S & P 500 that have reported earnings, 73 per cent have posted earnings above estimates.
After the closing bell, Starbucks Corp. (SBUX).(O) has warned that rising fuel costs and dairy products will take a bigger piece of earnings than expected, sending shares down 1.8% to $36.54 in extent of trade.
Volume was modest, with $ 7.59 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, slightly lower than the daily average of $ 7.73 billion.
Declines outnumbered of results in a ratio of almost 2 to 1 on the New York Stock Exchange, while on the Nasdaq, eight stocks rose for all five that fell.
(Reported by Chuck Mikolajczak;) (Editing by Jan Paschal)
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