US stocks rallied on Wednesday, realising their biggest one-day percentage gain in three weeks, as the Federal Reserve chairman's comments on inflation suggested the central bank may be close to ending two years of interest-rate increases.
Fed Chairman Ben Bernanke told the US Senate Banking Committee he saw core inflation moderating in the coming quarters.
The blue chip Dow and the Nasdaq extended gains and rose more than 2 percent on news that a US judge struck down a Maryland health-care law in a ruling that was favourable to Wal-Mart Stores Inc.
The Dow Jones industrial average was up 226.92 points, or 2.10 percent, at 11,026.15. The Standard & Poor's 500 Index was up 23.11 points, or 1.87 percent, at 1,259.97. The Nasdaq Composite Index was up 40.91 points, or 2.00 percent, at 2,084.13, slightly off its session high at 2,086.07.
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