NEW YORK, Oct. 24 (UPI) -- Wall Street Monday welcomed the nomination of Ben Bernanke as the new head of the Federal Reserve, with stocks up dramatically on all indexes.
The Dow Jones industrial average gained 169.78 points, or 1.66 percent, to 10,385 on a volume of 1.1 billion. The Nasdaq composite was up 33.62, or 1.61 percent, to 2,115.83, and the Standard & Poor's 500 rose 19.77, or 1.68 percent, to 1,199.36.
Known as an inflation hawk, Bernanke was seen as the first choice of investors and the business community. He was expected to easily win Senate confirmation.
The benchmark 10-year Treasury lost 17/32, or $5.31 for each $1,000 invested, to yield 4.458 percent.
The dollar fell to 115.37 yen from 115.92, and the euro slid to $1.1980 from $1.1949.
Tokyo's Nikkei 225 closed at 13,106.18 after losing 93.77 or 0.71 percent, and London's FTSE 100 settled at 5,201.70 after rising 59.60 or 1.16 percent.
