A global stock rally that began in the U.S. returned home to Wall Street Thursday morning, as signs that the Federal Reserve will keep its easy-money policies in place for the long haul put the Dow Jones Industrial Average on target for a new all-time high.
Gains began late Wednesday after Fed Chairman Ben Bernanke said the economy still needs "highly accommodative monetary policy for the foreseeable future."
U.S. stock futures took off, then triggered gains in both Asia and Europe. Mr. Bernanke's comments also prompted a selloff in the dollar, a decline in Treasury yields and a rally in gold prices.
The Dow climbed 149 points, or 1%, to 15443 in the minutes after Thursday's opening bell, putting it pace to top its all-time closing high of 15409.39, hit on May 28.
Mr. Bernanke's statement reassured investors who in recent weeks were grappling with the question of when, and how dramatically, the Fed is likely to change policy, particularly a "tapering" of its $85 billion a month bond-buying program.