国际英语新闻：Wall Street surges on lower Libor rates, Bernanke's testimony

NEW YORK, Oct. 20 (Xinhua) -- Wall Street surged Monday as investors digested declining rate on credit market and testimony from the Federal Reserve Chairman Ben Bernanke.

    The credit markets continued showing signs of easing as the London interbank offered rate, or Libor, for three-month loans in U.S. dollars declined 36 basis points to 4.06 percent, the biggest drop in nine months.

U.S. Federal Reserve Chairman Ben S. Bernanke is seen in the House Budget Committee hearing at Washinton, capital of the United States, Oct. 20, 2008

Federal Reserve Chairman Ben Bernanke said he endorsed a second stimulus package to jump-start the economy.

    The New York-based Conference Board said its monthly forecast of future economic activity rose 0.3 percent, a much better reading than the 0.2 percent drop expected by economists.

    The Dow Jones Industrial Average rose 413.21, or 4.67 percent, to 9,265.43. The Standard & Poor's 500 index jumped 44.85, or 4.77 percent, to 985.40. The Nasdaq composite index rose 58.74, or 3.43 percent, to 1,770.03.

Specialist works on the floor of the New York Stock Exchange Monday, Oct. 20, 2008. Wall Street surged on a burst of optimism Monday, propelling the Dow Jones industrials up more than 400 points on more signs of a reviving credit market and comments from Federal Reserve Chairman Ben Bernanke.