U.S. stocks rallied on Monday, lifting the Dow and S&P 500 to their biggest one-day point gains in six months, after White House economic adviser Ben Bernanke's nomination to succeed Federal Reserve Chairman Alan Greenspan put to rest some market uncertainty, Reuters reported. Earnings reports also buoyed investor sentiment. Shares of American Express Co. climbed 5.1 percent to $49.54 on the New York Stock Exchange and gave the biggest boost to the blue-chip Dow average after the financial services provider reported better-than-expected earnings. The financial services sector was the Dow's top performer. President George W. Bush announced the nomination of Bernanke, a Fed governor who became a top White House adviser last June, around 1700 GMT. But the president's choice for Fed chairman was widely reported ahead of the announcement and the market shot up on the news. "Any time you remove uncertainty, it's good news for the market," said Marc Pado, U.S. market strategist at Cantor Fitzgerald & Co. The Dow Jones industrial average rose 169.78 points, or 1.66 percent, to end at 10,385.00. The Standard & Poor's 500 Index gained 19.79 points, or 1.68 percent, to finish at 1,199.38. The technology-laced Nasdaq Composite Index advanced 33.62 points, or 1.61 percent, to 2,115.83.
