Call it the Bernanke Boost. The stock market, which has been marching higher for a week, got extra fuel after Federal Reserve Chairman Ben Bernanke said the central bank will keep supporting the economy.
For the second quarter, S&P 500 earnings are expected to grow just 2.6 percent, according to Wall Street analysts estimates compiled by Thomson Reuters. But projections for third-quarter earnings growth, on the other hand, are seen at 8.4 percent, with fourth-quarter growth seen at 12.8 percent.
Both the Dow and the S&P 500 set new closing highs in the wake of Ben Bernanke's latest remarks. The indexes soared over 1% following the Fed chair's comments on quantitative easing.