NEW YORK — A rally sent the major indexes to new highs for the year on Friday, when Federal Reserve Chairman Ben Bernanke said what investors wanted to hear, that the economy is indeed on the verge of recovery
The Dow Jones industrials shot up 155 points Friday, closing above 9,500 for the first time since Nov. 4, and all the big indexes finished with gains of more than 1.5 percent. Meanwhile, Treasury prices tumbled, pushing yields sharply higher, as investors no longer felt they needed the safety of government debt.
The stock market’s gains were broad, across all industries, but the biggest jumps came from energy, industrial and material stocks as oil and commodities prices soared. Bank stocks also rose sharply.
A bigger-than-expected jump in home sales also gave stocks a boost and helped send bonds lower.
The day’s news ended a week of erratic trading on Wall Street. Investors have been struggling with concerns about consumer spending, but the combination of Bernanke’s remarks and the home-sales data pulled stocks out of the doldrums.
Markets pageA closer look at the week
