(By Salman - iStockAnalyst Writer)US stocks finished mostly higher after a rally in retail and commodity stocks boosted sentiment. Shares also rallied after as investors breathed a sigh of relief over Federal Reserve Chairman Ben Bernanke's testimony on the Fed's role in Bank of America's acquisition of Merrill Lynch.
The Dow Jones Industrial Average rose 172.54 points or 2.088% to finish at 8,472.40 The S&P 500 added 19.32 points or 2.14% to end at 920.26. The Nasdaq Composite climbed 37.20 points or 2.08% to 1,829.54.
In a congressional hearing on Thursday, US Fed chairman Ben Bernanke defended the central bank’s involvement in Bank of America’s controversial acquisition of Merrill Lynch.Bernanke told the House Oversight and Government Reform Committee that he never said that he would replace the board and management" if Lewis decided to invoke a clause in the acquisition contract to try to stop the deal
American Express (NYSE:
AXP) surged $1.51 or 6.59% to $24.44.
Shares of
Alcoa, the largest US aluminum maker soared 51 cents or 5% to $10.72.
Equipment maker Caterpillar Inc. Inc. (NYSE:
CAT) rallied $1.09 or 3.26% to $34.49.
Shares of plane maker Boeing Co. (NYSE:
BA) advanced $1.21 or 2.93% to $42.53.
Energy stock finished up. Exxon Mobil (NYSE:
XOM) gained $1.43 or 2.09% to end at $69.88.
Chevron corp. (NYSE:
CVX) rose $1.15 or 1.75% to $66.87.
Shares of drugmaker Pfizer Inc. (NYSE:
PFE) jumped $1.12 or 4.14% to $15.33 after it announced on Thursday that a Phase III clinical trial of its oncology drug Sutent showed the product was effective in delaying the progression of a certain type of pancreatic cancer known as pancreatic neuroendocrine tumors.
Late on Wednesday, athletic shoe and apparel maker Nike Inc. (NYSE:
NKE) reported that its fourth quarter net income declined 30% to $341.4 million or $0.70 per share, compared to $490.5 million or 98 cents a share, for the prior year quarter. Quarterly revenue fell 7% to $4.71 billion from $5.09 billion in the same period last year. Shares of the company finished at $51.28,down $1.74 or 3.28%.
Early on Thursday, homebuilder Lennar Corp.
