US Stocks rallied on Wednesday, with Apple's surge giving the Nasdaq its biggest gain of the year, while the Fed chairman reassured markets that the central bank would do more if necessary to lift the economy.
Federal Reserve Chairman Ben Bernanke spurred further gains when he said the U.S. central bank "would not hesitate" to launch another round of bond purchases to drive borrowing costs lower if it looked like the economy needed it.
Shares of Apple, which has the world's biggest market capitalization, jumped 8.9 percent to end at $610. The stock scored its best daily gain in a little more than three years and Wednesday's rally added $46.3 billion to Apple's market cap. Earlier, Apple surged 10.3 percent to a session high at $618.
At Wednesday's close, Apple accounted for 5.05 points -or 27 percent - of the S&P 500's gain for the day of 18.72 points, said Howard Silverblatt, senior analyst at Standard & Poor's.
Apple's results boosted S&P 500 companies' earnings growth to an estimated 6.9 percent for the first quarter, up from an estimate of 4.6 percent before Apple, according to Thomson Reuters data.
Apple's stock had sold off recently, partly on fears that its earnings could disappoint.
Dow Jones Industrial Average (^DJI)
-DJI
13,090.72 
89.16(0.69%)
89.16(0.69%) Dow Jones Industrial Average (^DJI)
-DJI| Prev Close: | 13,001.56 |
|---|---|
| Open: | 12,997.69 |
| Day's Range: | 12,993.60 - 13,105.70 |
|---|---|
| 52wk Range: | 10,362.30 - 13,331.80 |
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